Journal entries

2. 1/02/2022 Deposit #1 3 . 1/03/2022 Ck #1001 4. 1/03/2022 Ck #1002 5. 1/03/2022 Ms. Scout opened a business checking account at Wells Fargo Bank by depositing $70,000. The corporation issued her a stock certificate for 7,000 shares of common stock. Ms. Scout signed a one-year rental. She was required to pay $9,000 for rent for the months of January 1, 2022 June 30, 2022. Arranged for a general business liability insurance policy and paid $4,000 to State Penn Insurance. This premium is for twelve months coverage. Purchased a new computer system that cost $5,200 from Computer Inc. for use in the business. Ms. Scout signed a note payable for the cost of the system which will be repaid in 6 months at 10% interest. The computer system has an estimated useful life of five years, and the residual (salvage) value is $400. Only record the purchase of the computer equipment. Signed a note payable to borrow $10,000 from Wells Fargo Bank. Interest is 12% annually and the note is to be repaid with interest in twelve months. Only record the note. Paid $1,100 for shipping supplies. 6. 1/05/2022 Deposit #2 7 7. 1/05/2022 Ck #1003