Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Following are the transactions of a new company called Smiley Pictures. Aug. 1 Fahmy Amin, the owner, invested $35,000 cash in the company. 2
Following are the transactions of a new company called Smiley Pictures. Aug. 1 Fahmy Amin, the owner, invested $35,000 cash in the company. 2 The company provided photography services for one of its customers for 22,500, received 10,000 cash and the remaining amount will be received within 7 days. 9 The company borrowed $15,000 cash from the bank by signing a promissory note to be paid after 9 months. Prepare general journal entries for the above transactions. View transaction list Journal entry worksheet < 1 Description 2 Date Note: Enter debits before credits. 3 Record entry 4 General Journal Clear entry Debit Credit View general journal >
Step by Step Solution
★★★★★
3.52 Rating (165 Votes )
There are 3 Steps involved in it
Step: 1
Aug 1 Cash Dr 35000 Capital Cr 35000 Being Cap...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started