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please solve this as soon as possible Chad Polovick organized a new company, CapUniverse Inc. The company operates a small store in an area mall
please solve this as soon as possible
Chad Polovick organized a new company, CapUniverse Inc. The company operates a small store in an area mall and specializes in baseball-type caps with logos printed on them Chad, who is never without a cap, believes that his target market is college students You have been hired to record the transactions occurring in the first two weeks of operations: May 1 Issued 2000 shares for $2e per share. May 1 Borrowed $60,000 from the bank to provide additional funding to begin operations. The note is due in two years with interest at 10 percent annually. May 1 Paid $1,500 for the current month's rent and another $1,500 for next month's rent. May 1 Paid $2,400 for a one-year fire Insurance policy (recorded as a prepaid expense). May 3 Purchased furniture and Fixtures for the store for $15,000 on account. The anount is due thin days. 4 Purchased for $2,800 cash a supply of University of Waterloo, York University, and Saint Mary's University baseball caps to be sold online. Hay 5 placed advertisements on Google for a total of $350 cash. May 9 Sold caps for a total of $1,700, half of which was charged on account. The cost of the caps sold was 5900. May 10 Made full payment for the furniture and fixtures purchased on account on May 3. May 14 Received $210 from a customer on account. Required: Prepare a journal entry to record each of the transactions. (If no entry is required for a transaction/event, select "No journal entry required in the first account field) May View transaction list Journal entry worksheet 1 7 1 5 11 > B 2 Seved Help Save & E neque. Prepare a journal entry to record each of the transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 ... 11 Record Issuance of shares. Note Enter debits before credito Date General Journal Debit Credit May 01 Hecord entry CY View general journal Step by Step Solution
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