Prepare journal entries for each of the following transactions: 1. Issue common stock for $21,000. 2. Obtain
Question:
Prepare journal entries for each of the following transactions:
1. Issue common stock for $21,000.
2. Obtain $9,000 loan from the bank by signing a note.
3. Purchase construction equipment for $25,000 cash.
4. Purchase advertising for the current month for $1,100 cash.
5. Provide construction services for $18,000 on account.
6. Receive $13,000 cash on account from previous services to customers.
7. Pay salaries for the current month of $6,000.
Step by Step Answer:
1 Debit Credit Cash 21000 Common Stock 21000 Issue common stock 2 Cash 9000 Notes Payable 900...View the full answer
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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