1. Prepare journal entries for the following transactions.

Prepare the journal entry if Jesta Jones Company provided services to a customer for $5,000 cash.

Prepare the journal entry if Smith & Jones issued 300 shares of common stock to an investor for $10,000.

Prepare journal entries for the following transactions.

Prepare the journal entry if Smith & Jones borrow $6,000 from US Bank as a note payable.

Prepare the journal entry if Smith & Jones pays a $2,000 cash dividend.

2. What is the ending balance in the cash account if the following transactions were journalized and posted.

Issued shares of common stock in exchange for $20,000 cash

Purchased equipment for $5,000 cash

Paid $1,000 for rent for the current month

Purchased $2,000 of supplies on account

3. Figure out the amount of total debits by determining which accounts have a normal debit balance.