Question
Green Wave Company plans to own and operate a storage rental facility. For the first month of operations, the company has the following transactions. 1.
Green Wave Company plans to own and operate a storage rental facility. For the first month of operations, the company has the following transactions. 1. January 1 Issue 10,000 shares of common stock in exchange for $24,000 in cash. 2. January 5 Purchase land for $15,000. A note payable is signed for the full amount. 3. January 9 Purchase storage container equipment for $7,200 cash. 4. January 12 Hire three employees for $1,200 per month. 5. January 18 Receive cash of $11,200 in rental fees for the current month. 6. January 23 Purchase office supplies for $1,200 on account. 7. January 31 Pay employees $3,600 for the first month's salaries. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 7). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances.
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