CP3-2 (Algo) Recording Journal Entries [LO 3-2, LO 3-3] Ryan Olson organized a new company, MeToo,...

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CP3-2 (Algo) Recording Journal Entries [LO 3-2, LO 3-3] Ryan Olson organized a new company, MeToo, Incorporated. The company provides networking management services on social network sites. You have been hired to record the following transactions. a. May 1: Issued 1,150 shares of common stock to investors for $20 per share. b. May 15: Borrowed $49,000 from the bank to provide additional funding to begin operations; the note is due in two years. c. May 31: Paid $3,300 for a one-year fire insurance policy with coverage starting June 1. TIP: For convenience, simply record the full amount of the payment as an asset (Prepaid Insurance). At the end of June, this account will be adjusted to its proper balance. d. June 3: Purchased furniture for the store for $27,000 on account. The amount is due within 30 days. e. June 5: Placed advertisements in local college newspapers today for a total of $495 cash. f. June 9: Provided services for $485 cash. g. June 14: Made full payment for the furniture purchased on account on June 3. Required: For each of the transactions, prepare journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record the issuance of 1,150 shares of common stock to investors for $20 per share. Note: Enter debits before credits. Date May 01 General Journal Debit Credit Record entry Clear entry View general journal CP3-2 (Algo) Recording Journal Entries [LO 3-2, LO 3-3] Ryan Olson organized a new company, MeToo, Incorporated. The company provides networking management services on social network sites. You have been hired to record the following transactions. a. May 1: Issued 1,150 shares of common stock to investors for $20 per share. b. May 15: Borrowed $49,000 from the bank to provide additional funding to begin operations; the note is due in two years. c. May 31: Paid $3,300 for a one-year fire insurance policy with coverage starting June 1. TIP: For convenience, simply record the full amount of the payment as an asset (Prepaid Insurance). At the end of June, this account will be adjusted to its proper balance. d. June 3: Purchased furniture for the store for $27,000 on account. The amount is due within 30 days. e. June 5: Placed advertisements in local college newspapers today for a total of $495 cash. f. June 9: Provided services for $485 cash. g. June 14: Made full payment for the furniture purchased on account on June 3. Required: For each of the transactions, prepare journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record the issuance of 1,150 shares of common stock to investors for $20 per share. Note: Enter debits before credits. Date May 01 General Journal Debit Credit Record entry Clear entry View general journal