1 A B C D E F G H J Cougar Corp is a service company (i.e., they provide a service and do not sell inventory) that began operations on December 1st, 2019. As our in-class activity, we will walk through the first month of Cougar Corp's operations, completing the full accounting cycle, including the creation of Cougar Corp's financial statements on December 31st, 2019. To prepare for class, write down the journal entries for transactions 1-10, as well as the adjusting journal entries 11-17, in the General Journal tab. During class we will review these and work through the exercise of posting these entries to the general ledger, creating trial balances, financial statements, and doing closing entries. 2 3 External transactions for Cougar Corp in December 2019. 41) 52) 1-Dec 1-Dec 63) 1-Dec Sell Common stock to investors for $50,000 cash. Pay one year of rent in advance for $7,200 cash. Purchase equipment for $25,000, paying $5,000 in cash and signing a note for the remaining amount. Note has a 12% annual interest charge. Principle and interest must be paid back in two years' time. Purchase office supplies on account, $2,000. Customer X pays $5,000 up front for services to be provided next January. 7 139) 84) 95) 10 6) 15-Dec 11 7) 20-Dec 128) 21-Dec 23-Dec 1-Dec 1-Dec Purchase one year of advertising for $1,200 cash. 14 10) 28-Dec 15 Provide services to customer Y. Customer Y pays $1,200, which is one third of the amount owed. Provide services to customer Z for $2,000. Customer Z pays the entire amount owed immediately. Pay dividends to stockholders, $1,000. Cougar Corp. pays salaries to employees of $100/day. On December 28th, Cougar Corp. records salaries expense for the 4 weeks of December (28 days) and pays $2,800 to employees.