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Please help me with this. Journal entries T-accounts: Brief explain would be appreciated. Thank you !!!! Recording Transactions Using Journal Entries and T-Accounts Use the
Please help me with this.
Journal entries
T-accounts:
Brief explain would be appreciated. Thank you !!!!
Recording Transactions Using Journal Entries and T-Accounts Use the information below to complete the following. (1) Receive 75,000 in exchange for common stock. (2) Borrow 15,000 from bank. (3) Purchase 3,000 of supplies inventory on credit. (4) Receive 22,500 cash from customers for services provided. (5) Pay 3,000 cash to supplier in transaction 3. (6) Receive order for future services with 5,250 advance payment. (7) Pay 7,500 cash dividend to shareholders. (8) Pay employees 9,000 cash for compensation earned. (9) Pay 750 cash for interest on loan in transaction 2. a. Prepare journal entries for each of the transaction (1) through (9). b. Set up T-accounts for each of the accounts used in part a. and post the journal entries to those T-accounts. (The T-accounts will not have opening balances.) General Journal Description Debit Credit (1) Receive 75,000 in exchange for common stock. (2) Borrow 15,000 from bank. (3) Purchase 3,000 supplies inventory on account. (4) Recognize 22,500 revenue for services provided. Unearned Revenue Interest Expense Cash Accounts Payable Common Stock Retained Earnings Notes Payable Revenue Wages Expense Inventory (5) Pay supplier 3,000 cash. (6) . 1 Receive 5,250 advance from customer. Pay 7,500 cash dividend to shareholders. (8) > Pay employees 9,000. (9) Pay 750 interest on note. Cash (A) Common Stock (SE) Inventory (A) (1) (2) (3) (1) (2) (3) (1) (2) (3) (4) (5) (6) (5) (6) (5) (6) (7) (8) (9) (8) (9) Bal (8) (9) Bal Bal Retained Earnings (SE) Accounts Payable (L) Revenue (R) (1) (2) (3) (1) (2) (3) (4) (5) (6) (1) (2) (3) (4) (5) (6) (5) (6) (8) (9) (8) (9) (8) (9) Bal Bal Bal Unearned Revenue (L) Wages Expense (E) Notes Payable (L) (1) (2) (3) (1) (2) (3) (1) (2) (3) (4) (5) (6) (5) (6) (5) (6) (8) (9) Bal (8) (9) (8) (9) Bal BalStep by Step Solution
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