Question
Galle Inc. entered into the following transactions during January: a. January 1: Borrowed $50,000 from First Street Bank by signing a note payable. b.
Galle Inc. entered into the following transactions during January: a. January 1: Borrowed $50,000 from First Street Bank by signing a note payable. b. January 4: Purchased $25,000 of equipment for cash. c. January 6: Paid $500 to landlord for rent for January. d. January 15: Performed services for customers on account, $10,000. e. January 25: Collected $3,000 from customers for services performed in transaction d. f. January 30: Paid salaries of $2,500 for the current month. Required: Prepare journal entries for the transactions. Jan. 1 4 6 15 25 (Record issuance of note payable) (Record purchase of equipment) (Record payment of rent) (Record performance of services) Zd collection All work saved.
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Cornerstones of Financial Accounting
Authors: Jay Rich, Jeff Jones
4th edition
978-1337690881, 9781337669450, 1337690880, 1337690899, 1337669458, 978-1337690898
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