Question
Prepare journal entries to record the Dec transaction: 1-Dec Began business by depositing $7500 in a bank account in the name of the company in
Prepare journal entries to record the Dec transaction:
1-Dec | Began business by depositing $7500 in a bank account in the name of the company in exchange for | ||
| 750 shares of $10 per share common stock. | ||
1-Dec | Paid the rent for the current month, $650 . | ||
1-Dec | Paid the premium on a one-year insurance policy, $840 . | ||
1-Dec | Purchased Equipment for $3600 cash. | ||
5-Dec | Purchased office supplies from XYZ Company on account, $300 . | ||
15-Dec | Provided services to customers for $6000 cash. | ||
16-Dec | Provided service to customers ABC Inc. on account, $3400 . | ||
21-Dec | Received $1800 cash from ABC Inc., customer on account. | ||
23-Dec | Paid $170 to XYZ company for supplies purchased on account on December 5 . | ||
28-Dec | Paid wages for the period December 1 through December 28, $5040 . | ||
30-Dec | Declared and paid dividend to stockholders $200 . |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started