Jackson Corporation (the Company) prepares financial statements monthly. The Company started business in September 2017....
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Jackson Corporation (the Company) prepares financial statements monthly. The Company started business in September 2017. Proceed through the following 10 items/steps, answering each completely and accordingly. 1. Listed below are transactions that occurred in September 2017. Using the general journal provided, record the appropriate general journal entry for each transaction. September! Jackson Corporation issued 500 shares of capital stock for $20 per share. 10 00 2 Jackson Corporation borrowed $10,000 from the bank signing a 3-month (0, note at 12% annual interest. 3 $6,000 of supplies were purchases on account. Office furniture was purchased for $10,000 cash. The furniture is expected to have a 10-year life, with no residual value. 15 Wages for the first half of September were paid in the amount of $2,000. 17 The Company billed customers $1,500 for services performed. 20 $3,000 was received for services to be provided in September and October. 23 $5,000 was received for services performed in September. 27 The Company collected $1,000 on account. 30 Dividends were declared and paid in the amount of $3,000
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