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Ryan Terlecki organized a new Internet company, CapUniverse, Incorporated. The company specializes in baseball - type caps with logos printed on them. Ryan, who is
Ryan Terlecki organized a new Internet company, CapUniverse, Incorporated. The company specializes in baseballtype caps with logos printed on them. Ryan, who is never without a cap, believes that his target market is college and high school students. You have been hired to record the transactions occurring in the first month of operations.
a Issued shares of $ par value common stock to investors for cash at $ per share.
b Borrowed $ from the bank to provide additional funding to begin operations; the note is due in two years.
c Paid $ cash for rent of a warehouse: $ for the current month's rent and another $ for next month's rent.
d Paid $ for a oneyear fire insurance policy on the warehouse recorded as a prepaid expense
e Purchased furniture and fixtures for the warehouse for $ paying $ cash and the rest on account. The amount is due within days.
f Purchased for $ cash Indiana University, University of Washington, Notre, Dame, The University of Texas at Austin, The Ohio State University, and Michigan State University baseball caps as inventory to sell online.
g Placed advertisements on Google for a total of $ cash; the ads were run immediately.
h Sold caps totaling $ half of which was charged on account.
i The cost of the caps sold in was $
j Made full payment for the furniture and fixtures purchased on account in e
k Re'ceived $ from a customer on account.
Required:
Prepare journal entries for each transaction.
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
Journal entry worksheet
:dots,
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