Ryan Olson organized a new company, MeToo, Inc The company provides networking management services on social network sites You have been hired to record the following transactions a May 1 Issued 1,650 shares of common stock to investors for $20 per share b May 15 Borrowed $54,500 from the bank to provide additional funding to begin operations the note is due in two years c May 31 Paid $4,500 for a one year fire insurance policy with coverage starting June 1 TIP For convenience, simply record the full amount of the payment as an asset (Prepaid Insurance) At the end of June, this account will be adjusted to its proper balance d June 3 Purchased furniture for the store for $17,600 on account The amount is due within 30 days e June 5 Placed advertisements in local college newspapers today for a total of $605 cash f June 9 Provided services for $635 cash g June 14 Made full payment for the furniture purchased on account on June 3 Required For each of the transactions, prepare journal entries (If no entry is required for a transaction event, select No Journal Entry Required in the first account field )

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Posted on Jul 09, 2024

Ryan Olson organized a new company, MeToo, Inc. The company provides networking management services on social network sites. You have been hired to record the

Ryan Olson organized a new company, MeToo, Inc. The company provides networking management services on social network sites. You have been hired to record the following transactions.

a. May 1: Issued 1,650 shares of common stock to investors for $20 per share.
b. May 15: Borrowed $54,500 from the bank to provide additional funding to begin operations; the note is due in two years.
c. May 31: Paid $4,500 for a one-year fire insurance policy with coverage starting June 1.
TIP: For convenience, simply record the full amount of the payment as an asset (Prepaid Insurance). At the end of June, this account will be adjusted to its proper balance.
d. June 3: Purchased furniture for the store for $17,600 on account. The amount is due within 30 days.
e. June 5: Placed advertisements in local college newspapers today for a total of $605 cash.
f. June 9: Provided services for $635 cash.
g. June 14: Made full payment for the furniture purchased on account on June 3.

Required:

For each of the transactions, prepare journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)