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Prepare journal entries to record the following transactions of Daisy King Ice Cream Company. 1. Started business by issuing 10,000 shares of capital stock for
Prepare journal entries to record the following transactions of Daisy King Ice Cream Company. 1. Started business by issuing 10,000 shares of capital stock for $20,000. 2. Leased a building for three years at $500 per month and paid six months' rent in advance. 3. Purchased equipment for $5,400, paying $1,000 down and signing a two-year, 10% note for the balance. 4. Purchased $1,800 of supplies on account. 5. Recorded cash sales of $800 for the first week.
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