Question
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
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.
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