Sunshine Company began operations on January 1, 2020. In its first year, the following transactions...
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Sunshine Company began operations on January 1, 2020. In its first year, the following transactions occurred: 1 Issued common shares for $348,000 cash. 2. Borrowed $57,000 from the bank for a five-year term. (Use Bank Loan Payable) 3. Purchased equipment for $206,000 cash. 4. Purchased supplies, on account for $5,500. 5. Sales on account for services provided amounted to $94,000 6. Collected $80,000 from customers for services provided earlier. 7. Paid wages of $32,500 to employees. 8. Paid $20,500 for utilities (telephone, electricity, heat, & water) Prepare journal entries to record each of the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit 1. No. Account Titles and Explanation Debit Credit 1. 2. 5. 6
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