Question
Create a journal for these entries Jan 1 You sell 100,000 shares of $1 par, common stock to yourself and your sibling (200,000 shares total)
Create a journal for these entries
Jan 1 You sell 100,000 shares of $1 par, common stock to yourself and your sibling (200,000 shares total) for
$400,000.
Jan 2 Office equipment is purchased for $36,000 that is expected to last three years.
Jan 2 To establish a letter of credit, you borrow $10,000 from First National Bank by signing a note payable.
The interest rate is 12%.
Jan 3 You pay $2,000 for office supplies.
Jan 3 You pay rent on building space in a strip shopping center for a year $24,000.
Jan 4 You purchase a two-year liability policy for $12,000.
Jan 5 You purchase 10,000 units of merchandise inventory for $20,000
Jan 9 You make your first sale of 4,000 units of your product for $20,000. This is a credit sale.
Jan 15 You make a sale of 6,000 units for $30,000. This is a cash sale.
Jan 16 You purchase 20,000 units of merchandise inventory at $40,000.
Jan 20 You collect the cash from the sale made on January 9.
Jan 21 A credit sale of 2,000 units is made for $10,000.
Jan 22 The merchandise purchased on January 21 is returned in perfect condition.
Jan 24 - A cash sale of 3,000 units for $15,000 is made.
Jan 25 You invest some extra cash in short-term marketable securities $10,000.
Jan 30 You receive and pay the electric bill of $1,000.
Please do not answer if they are incomplete. I have the entries down but I need to see which ones are wrong on my end.
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