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Dyna Corp., a legal firm, completed the following transactions during the month of January, its first month of operations. Analyze each of the transactions and
Dyna Corp., a legal firm, completed the following transactions during the month of January, its first month of operations. Analyze each of the transactions and record the general journal entry for each, omitting explanations. Ignore any month-end adjusting entries. Transactions 16 Transactions 712 1. Jan 1 Issued 10,000 shares of common stock for $50,000 cash. 2. Jan 2 Purchased $60,000 of office equipment by paying $5,000 cash and by signing a one-year, 10% interest-bearing note payable for the remaining balance. 3. Jan 3 Purchased $3,000 supplies on account. Hint: Debit Supplies. 4. Jan 4 Performed $4,000 of legal services on account. 5. Jan 6 Received a $1,500 cash deposit from a new client for legal work to commence
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