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Hello, Please help me with journal entries and adjusting entries. I was told there are 7 adjusting entries. 1/1 Joe Jones started a new business
Hello, Please help me with journal entries and adjusting entries. I was told there are 7 adjusting entries. 1/1 Joe Jones started a new business called Joes Landscaping Service. Inc. The company issued 100,000 shares of stock, par $1, for $100,000. The $100,000 was deposited in a bank account. 1/1 Purchased a truck for $12,000, no salvage value, useful life 5 years, for cash. 1 / 2 Purchased a 3 year insurance policy for $3,600 cash. 1 / 3 Purchased land $10,000; paid $ 5,000 down, gave a non-interest bearing note payable for the balance 1 / 15 Signed a contract to perform landscaping for $48,000. The job will take 2 months and we are paid at the beginning of the job. 1 / 15 Signed a contract to perform landscaping for $40,000. The job will take 2 months and we are paid at the end of the job. 1/15 Purchased a computer for $ 3,600, no salvage value, life 3 years. 1 / 20 Purchased office supplies for $ 2,000 on account Additional Information: On 1/31, owed $600 wages and office supplies on hand totaled $ 1,500
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