prepared the joirnal entries

prepared journal entries !!

a. On January 1, the owners invested a total of $150,000 (the par value of the stock) as an additional capital contribution. In exchange, the corporation issued the owners 50,000 shares of common stock b. On March 23, the company paid cash to purchase office equipment for $108,000 c. On April 18, the company made a payment on the note due to a bank, $10,000. d. On May 5, collected the balance of accounts receivable due from the prior year. e. On May 31. salaries were accrued for time worked in May in the amount of $2,000. These salaries will be paid in June. f. On June 30, the company paid cash to employees for salaries accrued on May 31 as well as the balance due from the prior year. g. On July 8, the company paid cash for accounting fees in the amount of $6,000 h. On September 6, the company performed repair work on a fleet of vehicles at a total charge of $76,000. The customer paid cash for half of the transaction and put the other half on its credit account with G&S On November 9, the customer who engaged G&S to do the repair work on September 6 paid off its account balance with cash. On December 15, the company made a $10,000 cash payment to purchase parts and supplies (record in Parts and Supplies Inventory). G&S Auto Body, Inc. started 2018 with the following balances :: (Click the icon to view the balances) The following transactions occurred during the current year (Click the icon to view the transactions.) Read the requirements Requirement a. Show the effect of each transaction on assets, liabilities, and equity using the accounting equation (If a box is not used in the table leave the box empty, do not enter a zero. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: A/R = Accounts Receivable, Equip. = Equipment, Beg. R/E = Beginning Retained Earnings, Contr. Cap. = Contributed Capital Inv. = Parts and Supplies Inventory, Rev. = Revenues, Exp. = Expenses Div. Decl. = Dividends Declared.) Assets - Liabilities + Exp. Cash A/R + Equip. + Inv. = Liabilities + Stockholders' Equity Retained Earnings Rev Contr. + Beg + and - and Cap. RE Gains Losses 150,000 + + - Div. Decl. 150,000 + +