a. Issued 2,000 shares of $0.01 par value common stock to investors for cash at $20 per share. b. Borrowed $60,000 from the bank to provide additional funding to begin operations, the note is due in two years c. Paid $1,500 for the current month's rent of a warehouse and another $1,500 for next month's rent. d. Paid $2,400 for a one-year fire insurance policy on the warehouse (recorded as a prepaid expense) e Purchased furniture and fixtures for the warehouse for $15,000, paying $3,000 cash and the rest on account. The a 1. Purchased for $2,800 cash The University of Pennsylvania, Notre Dame, The University of Texas at Austin, and Mich g. Placed advertisements on Google for a total of $350 cash. h. Sold caps totaling $1,700, half of which was charged on account. The cost of the caps sold was $900. (Hint: Make tv 1. Made full payment for the furniture and fixtures purchased on account in (e) Received $210 from a customer on account. Required: Prepare journal entries for each transaction. Note that transaction (h) will require two entries, one for revenue and one for th View transaction list Journal entry worksheet Record payment of current month rent of $1,500 and next month's rent of $1,500 Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general joumal References eBook & Resources Type here to search O BE . a Issued 2,000 shares of $0 01 par value common stock to investors for cash at $20 per share. b. Borrowed $60,000 from the bank to provide additional funding to begin operations, the note is due in two years. c. Paid $1,500 for the current month's ront of a warehouse and another $1,500 for next month's rent d. Paid $2,400 for a one-year fire insurance policy on the warehouse (recorded as a prepaid expense) e. Purchased furniture and fixtures for the warehouse for $15,000 paying $3,000 cash and the rest on account. The amoun f. Purchased for $2,800 cash The University of Pennsylvania, Notre Dame, The University of Texas at Austin, and Michigan g. Placed advertisements on Google for a total of $350 cash h. Sold caps totaling $1,700, half of which was charged on account. The cost of the caps sold was $900 (Hint: Make two en i. Made full payment for the furniture and fixtures purchased on account in (e). i Received $210 from a customer on account Required: Prepare journal entries for each transaction. Note that transaction (h) will require two entries, one for revenue and one for the rele View transaction list Journal entry worksheet 3 5 7 8 11 > Record purchase of one year fire Insurance policy on the warehouse for $2.400 (record as a prepaid expense) Note: Enter debts before credits General Journal Transaction d Debit Credit Record entry Clear entry View general joumal References eBook & Resources Type here to search o BI E a. Issued 2,000 shares of $0.01 par value common stock to investors for cash at $20 per share. b. Borrowed $60,000 from the bank to provide additional funding to begin operations, the note is due in two years. c. Paid $1,500 for the current month's rent of a warehouse and another $1,500 for next month's rent. d. Paid $2,400 for a one-year fire insurance policy on the warehouse (recorded as a prepaid expense). e. Purchased furniture and fixtures for the warehouse for $15,000, paying $3,000 cash and the rest on account. The amoun 1 Purchased for $2,800 cash The University of Pennsylvania, Notre Dame, The University of Texas at Austin, and Michigan g. Placed advertisements on Google for a total of $350 cash h. Sold caps totaling $1,700, half of which was charged on account. The cost of the caps sold was $900 (Hint: Make two ent L. Made full payment for the fumiture and fixtures purchased on account in (e). 1. Received $210 from a customer on account Required: Prepare journal entries for each transaction. Note that transaction (1) will require two entries, one for revenue and one for the rela View transaction list Journal entry worksheet 1 2 3 4 5 6 7 11 Record the purchase of furniture and fixtures for $15,000 with $3,000 payment made and the rest on account and due within 30 days. Note: Enter debits before credits. Transaction General Journal Debit Credit e Record entry Clear entry View general journal References eBook & Resources Type here to search ORE E transactions OCO a Issued 2,000 shares of $0.01 par value common stock to investors for cash at $20 per share. b. Borrowed $60,000 from the bank to provide additional funding to begin operations, the note is due in two years. c. Paid $1,500 for the current month's rent of a warehouse and another $1,500 for next month's rent. d. Paid $2,400 for a one-year fire insurance policy on the warehouse (recorded as a prepaid expense) e Purchased furniture and fixtures for the warehouse for $15,000, paying $3,000 cash and the rest on account. The amount 1. Purchased for $2,800 cash The University of Pennsylvania, Notre Dame, The University of Texas at Austin, and Michigan S g. Placed advertisements on Google for a total of $350 cash h Sold caps totaling 1,700, half of which was charged on account. The cost of the caps sold was $900. (Hint: Make two entri i. Made full payment for the furniture and fixtures purchased on account in (e). 1. Received $210 from a customer on account Required: Prepare journal entries for each transaction. Note that transaction (h) will require two entries, one for revenue and one for the relate View transaction list Journal entry worksheet Record purchase of baseball cap inventory for $2,800 cash. Note: Enter debits before credits Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal References eBook & Resources Type here to search