Question
Prepare journal entries on the General Journal of Stone Inc. for the following transactions. Notes: Read carefully and follow strictly so that Bb can grade
Prepare journal entries on the General Journal of Stone Inc. for the following transactions.
Notes: Read carefully and follow strictly so that Bb can grade you correctly!
1. Just write down the account title and numbers for each transaction (use comma in numbers, one thousand is 1,000, not 1000. NO $ sign).
e.g. Cash 1,000
Sales 1,000
2. Always Dr. first, then Cr.
2. Use and copy accurately only the following account names (not case sensitive): Cash, Acc/Rec, Notes/Rec, Acc/Payable, Notes/Payable, Equipment, Service Revenue, CGS, Prepaid Insurance, Wages Expense, Common Stock.
1. Sold capital stock for $6,000 cash. Account Dr.
Account Cr.
2. Borrowed $5,000 from Bank One on a 3-month note.
Account - Dr. -
Account - Cr. -
3. Purchased repair tools on account for $950.
Account- Dr. -
Account- Cr. -
4. Performed repair service for $1,000. Received $250 cash and allowed the reminder to go on account.
Account- Dr. -
Account - Dr. -
Account- Cr.-
5. Paid $2,400 for a one-year insurance policy.
Account - Dr. -
Account - Cr. -
6. Paid wages of $500.
Account- Dr. -
Account - Cr. -
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