Record Journal Entries for Transactions 1-10: 1. Record the borrowing of $12 cas

Question

Record Journal Entries for Transactions 1-10:

1. Record the borrowing of $12 cash on a six-month note payable dated March 1, 2015

2. Record the purchase of land for future building site; paid cash, $9

3. Record the entry for revenues for 2015, $144, including $32 on credit and $112 collected in cash

4. Record the issuance of additional shares of stock for $3

5. Record the salaries and wages expense for 2015, $77 paid in cash

6. Record the collection of accounts receivable, $16

7. Record the purchase of software, $10 cash

8. Record the payment of accounts payable, $13

9. Record the purchase of supplies on account for future use, $18

10. Record the entry for $25 service contract signed to start February 1, 2016

Explanation / Answer

Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars Dr Cr 1) Cash Dr                    12.00 To Note Payable                    12.00 2) Land Dr                      9.00 To Cash                      9.00 3) Account receivable dr                    32.00 Cash Dr                  112.00 To Revenue                  144.00 4) Cash Dr                      3.00 To Stock                      3.00 5) Salaries and wages expense Dr                    77.00 To Cash                    77.00 6) Cash Dr                    16.00 To Accounts receivable                    16.00 7) Intangible Asset Dr                    10.00 To Cash                    10.00 8) Accounts Payable Dr                    13.00 To Cash                    13.00 9) Supplies Dr                    18.00 To Accounts payable                    18.00 10) No entry since nothing is received or paid

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