Question
General Journals. (30 points) On 2 January 2022, Mr. Lenny Gassio decided to start a new company, flowing the economic events that occurred. 2 January:
General Journals. (30 points)
On 2 January 2022, Mr. Lenny Gassio decided to start a new company, flowing the economic events that occurred.
2 January: Issued 1000 shares of capital stock in exchange for his investment of 80,000 cash.
2 January: Purchased IT equipment for 10,000, paying 5,000 cash and signing a note payable for the balance.
3 January: Acquired furniture for the new office for 20,000, paying 10,000 cash and signing a note payable for the balance.
5 January: Borrowed 50,000 from a bank.
6 January: Billed and collected from customers 45,000 for services performed.
7 January: paid a commission to a third party, who gave him the contact of the customer of 2000
31 January: Received an invoice for energy consumption 500, to be paid February 10th.
Prepare the General journals
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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