Use information from Exercise 2-17 to prepare the general journal entries for Belle Co.’s first seven transactions.

Exercise 2-17

Fill in each of the following T-accounts for Belle Co.’s seven transactions listed here. The T-accounts represent Belle Co.’s general ledger. Code each entry with transaction numbers 1 through 7 (in order) for reference.

1. D. Belle created a new business and invested $6,000 cash, $7,600 of equipment, and $12,000 in web servers in exchange for common stock.

2. The company paid $4,800 cash in advance for prepaid insurance coverage.

3. The company purchased $900 of supplies on credit.

4. The company paid $800 cash for selling expenses.

5. The company received $4,500 cash for services provided.

6. The company paid $900 cash toward accounts payable.

7. The company paid $3,400 cash for equipment.

Transcribed Image Text:

Cash Supplies Prepald Insurance Equipment Web Servers Accounts Payable Common Stock Services Revenue Selling Expenses