Question
Journal Entries Recorded Directly in T-Accounts (Appendix) Record each of the following transactions directly in the T-accounts provided using the numbers preceding the transactions
Journal Entries Recorded Directly in T-Accounts (Appendix) Record each of the following transactions directly in the T-accounts provided using the numbers preceding the transactions to identify them in the accounts. Provide column and account totals. (For those boxes in which no entry is required, select n/a for the transaction number and leave the amount box blank.) 1. Received contribution of $7,000 from each of the three principal owners of So-Fast Package Delivery in exchange for shares of stock. 2. Purchased office supplies for cash of $130. 3. Purchased a van for $15,000 on an open account. The company has 25 days to pay for the van. 4. Provided delivery services to residential customers for cash of $125. 5. Billed a local business $200 for delivery services. The customer is to pay the bill within 15 days. 6. Paid the amount due on the van. 7. Received the amount due from the local business billed in (5). Subtotal Bal. Cash Van Bal. Accounts Receivable Accounts Payable Bal. Delivery Services Bal.
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