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ACME Inc. had the following transactions occur in its first month of operations:: Nov 2 Issued common shares in exchange for $210,000 in cash. Nov
ACME Inc. had the following transactions occur in its first month of operations:: Nov 2 Issued common shares in exchange for $210,000 in cash. Nov 3 Paid $30,000 for 4 months of rent. Nov 7 Purchased office equipment on account for $2,700. Nov 12 Purchased a building for $120,000 by paying $12,000 cash and signing a bank loan for the difference. Nov 17 Billed $17,000 to a customer for consulting services provided. Nov 20 Paid $2,000 for this month's insurance. Nov 27 Collected half of the amount billed to the customer on Nov 17 th Nov 28 Received the November cell phone bill for $280, due in 14 days. Nov 30 Declared and paid $3,000 of dividends to shareholders. REQUIRED: Prepare the journal entries for the above transactions on the general journal form provided. REQUIRED: Prepare the journal entries for the above transactions on the general journal form provided
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