Question
Record the following transactions. (If no entry is required for a transaction/event, select No journal entry required in the first account field.) (a) Started business
Record the following transactions.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
(a) Started business by issuing 10,000 shares of common stock for $22,000.
(b) Hired Rebecca as an administrative assistant, promising to pay her $2,900 every two weeks.
(c) Rented a building for three years at $590 per month and paid six months' rent in advance.
(d) Purchased equipment for $5,800 cash.
(e) Purchased $2,200 of supplies on account.
(f) Provided services to customers for $7,800 cash.
(g) Paid employees' salaries, $5,800.
(h) Paid for supplies purchased in item (e).
(i)Paid $860 for current advertising in a local newspaper.
(j) Paid utility bill of $1,500 for the current month.
2.A company pays $830 of dividends to stockholders. Indicate the amount of increases and decreases in the accounting equation
3.A company pays $1,600 for supplies previously purchased on account. Indicate the amount of increases and decreases in the accounting equation
A=s+L
4.A company receives $7,700 cash in advance from customers for services to be provided next year. Record the transaction.
5.A company purchases office supplies on account for $7,300. Record the transaction.
6.A company pays $16,000 to purchase a one-year insurance policy. Record the transaction.
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