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Please give journal entries for the following. Thank you! January 1, 2019 Began business by depositing $7,000 in a bank account in the name of
Please give journal entries for the following. Thank you!
January 1, 2019 Began business by depositing $7,000 in a bank account in the name of the company in exchange for 7,000 shares of $1 par value common stock. January 2, 2019 Ordered supplies, $800. January 2, 2019 Borrowed $12,000 from the bank that is due in 2 years at 10% January 3, 2019 Purchased equipment for cash, $4,000. January 4, 2019 Made two months' rent payment on the store, $2,000. January 7, 2019 Received supplies ordered on January 2 and agreed to pay half of the amount in 10 days and the rest in 30 days. January 8, 2019 Purchased merchandise inventory on account, $7,000. January 9, 2019 Paid for advertising to announce the grand opening, $800. January 12, 2019 Grand opening January 17, 2019 Paid half the amount owed on the supplies purchased on Jan. 7. January 19, 2019 Weekly sales of $3,000, merchandise costing $2,000, half cash and half on account. January 26, 2019 Received payment on account, $700 January 26, 2019 Weekly cash sales of $4,500, merchandise costing $3,000. January 31, 2019 Received utility bill for January, $300 January 31, 2019 One month's rent expired January 31, 2019 Accrued one month's interest, $100. January 31, 2019 Depreciation expense for the month is $100. January 31, 2019 The income tax rate is 30%Step by Step Solution
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