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On September 1, Pat Hopkins established Ona Cloud Corporation (OCC) as a provider of cloud computing services. Pat contributed $14,000 for 1,400 shares of
On September 1, Pat Hopkins established Ona Cloud Corporation (OCC) as a provider of cloud computing services. Pat contributed $14,000 for 1,400 shares of OCC. On September 8, OCC borrowed $21,500 from a bank, promising to repay the bank in two years. On September 10, OCC wrote a check for $28,500 to acquire computer equipment. On September 15, OCC received $2,000 of supplies purchased on account and, on September 16, paid $1,600 for September rent. Through September 22, OCC provided its customers $11,650 of services, of which OCC collected $7,800 in cash. On September 28, OCC paid $515 for Internet and phone service this month. On September 29, OCC paid wages of $4,800 for the month. Finally, on September 30, OCC submitted its electricity meter reading online and determined that the total charges for the month will be $465. This amount will be paid on October 14 through a preauthorized online payment. 2. Prepare journal entries to record the September events described above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 Record Pat's contribution of $14,000 for 1,400 shares of OCC. Note: Enter debits before credits.
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