Question
Prepare journal entries (in good form) for the following transactions. If no entry is required, write no entry. Omit explanations. Mar. 1 Investors opened a
Prepare journal entries (in good form) for the following transactions. If no entry is required, write no entry. Omit explanations.
Mar. | 1 | Investors opened a dance school, called Yolonda's Dance Studio, by depositing $15,000 into a business bank account in exchange for 15,000 shares of $1 par value stock. |
| 2 | Paid three months' rent in advance, $1,800. |
| 4 | Hired a part-time assistant, to be paid $250 per week, starting next week. |
| 6 | Purchased sound equipment for $2,000. Paid $400 in cash, the remainder to be paid in installments of $800 every two weeks. |
| 8 | Signed up five students, who will begin lessons on March 10, at $80 per week per student. |
| 17 | Received the first week's tuition from four students; the fifth student will remit payment in three days. |
| 17 | Paid the assistant his first week's wages. |
| 20 | Received payment from the fifth student. |
| 21 | Paid the first installment on the sound equipment purchased on March 6. |
| 23 | Received an electric bill of $100, to be paid April 1. |
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