Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help completing these journal entries On October 1, Wolfpack issued shares of common stock to investors in exchange for $45,000 in cash. Date

I need help completing these journal entriesimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

On October 1, Wolfpack issued shares of common stock to investors in exchange for $45,000 in cash. Date Account Name DebitCredit Oct 1 45000 45000 On October 2, Wolfpack purchased equipment for $8,000 cash. DateAccount Name Debit Credit Oct 2 8000 8000 On October 4, Wolfpack borrowed $6,000 from First City Bank by signing a one-year, 10% note. Date Account Name Debit Credit Oct 4 6000 6000 On October 5, Wolfpack purchased supplies costing $400 on account. DateAccount Name Debit Credit Oct 5 400 400 On October 15, Wolfpack paid $400 for the supplies previously purchased on account on October 5th. Date Account Name DebitCredit Oct 15 400 400 On October 18, Wolfpack performed $2,000 worth of services on account. Date Account Name DebitCredit Oct 18 2000 2000 On October 31, Wolfpack purchased a six-month insurance policy costing $600. The policy period will begin in November. Date Account Name Debit Credit Oct 31 600 600 On October 1, Wolfpack issued shares of common stock to investors in exchange for $45,000 in cash. Date Account Name DebitCredit Oct 1 45000 45000 On October 2, Wolfpack purchased equipment for $8,000 cash. DateAccount Name Debit Credit Oct 2 8000 8000 On October 4, Wolfpack borrowed $6,000 from First City Bank by signing a one-year, 10% note. Date Account Name Debit Credit Oct 4 6000 6000 On October 5, Wolfpack purchased supplies costing $400 on account. DateAccount Name Debit Credit Oct 5 400 400 On October 15, Wolfpack paid $400 for the supplies previously purchased on account on October 5th. Date Account Name DebitCredit Oct 15 400 400 On October 18, Wolfpack performed $2,000 worth of services on account. Date Account Name DebitCredit Oct 18 2000 2000 On October 31, Wolfpack purchased a six-month insurance policy costing $600. The policy period will begin in November. Date Account Name Debit Credit Oct 31 600 600

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing

Authors: Alan Millichamp, John Taylor

12th Edition

1473778999, 9781473778993

More Books

Students also viewed these Accounting questions