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Please help write journal entries for this month of november Date 8 8 8 11 15 16 17 18 29 30 30 30 30 Transaction
Please help write journal entries for this month of november
Date 8 8 8 11 15 16 17 18 29 30 30 30 30 Transaction You found you have some U .S. Savings Bonds laying around from a grandparent. You decide to cash those in and receive $300, which you deposit in your personal bank account. You open a bank account for r business. The company issues you common stock for $2,500 in cash Your business purchases paper and other office supplies for $130. Use Supplies. You start to gather some equipment to take with you when you begin your business. You have an excellent computer that is old, but works fine. You decide to start using it only for your new business. You estimate that the computer is currently worth $500, and you transfer the computer into the business in exchange for additional common stock. (Use "Computer" as the account type). The company needs more cash to sustain its operations. Your parents lend the company $5,000 cash, in exchange for a two-year, 8% note payable. Interest and the principal are repayable at maturity. Your business $2,400 for additional equipment. The company purchases some merchandise from a wholesaler in the amount of $1 ,400 cash, shipping terms FOB Shippi Point. Frei ht costs amounted to $140. You have your first sale in the amount of $500, paid on account. These products originally cost $350. The products are shipped to the customer under the terms FOB Destination. Freight costs amounted to $75 cash. The Chief Marketing Offcer develops a website for your business that the company will use for advertising. He/She charges the company $600 for his/her work, payable at the end of December. Your business pays $3,600 for a one-year insurance poli using cash. Sold merchandise to customers for $300 . These products cost $150. Terms of the sale are n/30 and FOB Destination. Frei htcosts amounted to $45. A cell phone bill of $175 was received. The cell phone exclusively for your business. The invoice is for services provided in November, and payment is due on December 15. (I-Jse "Accounts Payable").
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