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Purchase company truck $50,000 Pay annual liability insurance premium of $1,500 Obtain copyright for company website pay $2500 cash Pay initial health insurance of $400

Purchase company truck $50,000

Pay annual liability insurance premium of $1,500

Obtain copyright for company website pay $2500 cash

Pay initial health insurance of $400 for each partner

Purchase laptop to use for any off-site business meetings 1,200 on account

Provide 54 hours of service

Purchase logo jackets for partners- pay $230 on credit

Provide 34 hours of service (at overtime rate)

Provide 120 hours of service - client paid cash

Please answer these and show adjusted journal entries as well. The hourly rate is 50 dollars.

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Answer 1 Purchase company truck 50000 Debit Truck Asset 50000 Credit Cash 50000 2 Pay annual liability insurance premium of 1500 Debit Insurance Expense 1500 Credit Cash 1500 3 Obtain copyright for co... blur-text-image

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