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PLEASE PUT JOURNAL ENTRIES IN ABOVE DOCUMENT. PLEASE ANSWER ALL. WILL UPVOTE. /* A E 1 1 N 3 4 5 6 7 8 10
PLEASE PUT JOURNAL ENTRIES IN ABOVE DOCUMENT. PLEASE ANSWER ALL. WILL UPVOTE.
/* A E 1 1 N 3 4 5 6 7 8 10 11 12 Journal Entries Acount Name Sr. No Debit ($) Credit ($) 1. Cash $100000 Common Stock $100000 (Being cash invested by selling common stock to start business) 2. Bank $50000 12% Loan Account $50000 (Being Loan taken from Bank) 3. Pianos ($16000 * 3) $48000 Cash $48000 (Being 3 Pianos Purchased by paying Cash) 4. Supplies (Inventory) $2000 Accounts Payable $2000 (Being supplies purchased on account) 5. Advertising Expense $500 Accounts Payable $500 (Being advertisement expense accrued) 6. Rent Expense $1000 Cash $1000 (Being Rent paid for the month) 8. Piano Expense ($500 * 2) $1000 Cash $1000 (Being cash paid to two teachers for piano classes) 9 . Cash $200 Accounts Receivable $200 (Being cash received from one of the students billed earlier) 10. Interest Expense ($50000 * 12% * 1/12) $500 Bank $500 (Being interest paid by check for the Month) 11. Supplies Expense $300 Supplies (Inventory) $300 (Being Supplies inventory adjusted) 12. Depreciation expense [($48000 / 4)*1/12) $1000 Accumulated Depreciation $1000 (Being depreciation on 3 pianos for the month )Step by Step Solution
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