Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please prepare in proper journal entry format the

Please prepare in proper Journal Entry format the following transactions. 1)5/1, the owner...

90.2K

Verified Solution

Question

Accounting

Please prepare in proper Journal Entry format the following transactions.
1)5/1, the owner contributed $4,000 cash and $10,000 in equipment to the company.
2)5/2, sold merchandise to a customer for $1,500, terms 2/10, n/30.
3)5/4, purchased $300 of office supplies on Credit.
4)5/5. paid $4,800 in advance for a one year insurance policy.
5)5/16, paid in cash salaries of $2,200.
6)5/18, paid in cash the current month's advertising bill for $300.
7)5/20, received a bill for equipment repairs for $100. The bill will be paid at a later date.
8)5//22, received $1,000 for consulting services to be performed later.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

which is most inferior? a) larynx b) trachea c) pharynx

Medical Sciences
Q

C++ for Mac (Xcode) For this exercise, you will write a program that includes four function definitions....

Programming
Q

Relevant Range and High-Low Method The following selected data relate to the major cost categories experienced...

Accounting
Q

5 a b A hockey team has 23 players on it consisting of 13 forwards...

Basic Math
Q

472 The equation below can be used to model the height of a tide in...

Algebra
Q

Overall, around 50% of people have brown eyes. You randomly choose 30 locations in your...

Algebra
Q

Martinez Industries and Sandhill Inc. enter into an agreement that requires Sandhill Inc....

Accounting
Q

Name this court: this court has sixteen judges and hears cases concerning all monetary claims...

Accounting
Q

J. Clark Inc. (JCI), a manufacturer and distributer of sports equipment, has grown until it...

Accounting
Q

Branson paid $546,200 cash for all of the outstanding common stock of Wolfpack, Inc., on...

Accounting
Q

QUESTION 2 In Derry v Peek 14 App.Cas. 337 (House of Lords, 1889) the Court...

Accounting
Q

A 7.90 percent coupon bond with 13 years left to maturity is priced to offer...

Finance