Question
One Cheyenne Corp. had the following transactions during the first month of business. August 2 Invested $12,500 cash and $2,540 of equipment in the business
One Cheyenne Corp. had the following transactions during the first month of business.
August 2 | Invested $12,500 cash and $2,540 of equipment in the business in exchange for common shares. | |
7 | Purchased supplies on account for $660. (Debit asset account.) | |
12 | Performed services for clients, collecting $1,300 in cash and billing the clients $650 for the remainder. | |
15 | Paid August rent, $700. | |
19 | Counted supplies and determined that only $220 of the supplies purchased on August 7 were still on hand. |
What are the journal enteries for each transaction. |
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Date Account description Debit Credit August 2 Cash 12500 Equipment 2540 Comm...Get Instant Access to Expert-Tailored Solutions
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
10th Edition
1119491630, 978-1119491637, 978-0470534793
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