Question
STARS Services was formed on March 1, 2019. The following transactions took place during the first month: 1. On March1 STARS invested $ 50,000 cash
STARS Services was formed on March 1, 2019. The following transactions took place during the first month:
1. On March1 STARS invested $ 50,000 cash in the company as Owner capital.
2. On March 5 Purchased Motor vehicle costing $ 30 ,000 on Account.
3. On March 10 Purchased Machinery for $ 12,000 cash.
4. On March 15 Total service revenue were $ 11,000 - $ 7,000 cash & $ 4,000 on account.
5. On March 20 Paid $ 2,000 to Motor vehicle for accounts payable due.
6. On March 25 the Owner withdrew $6,500 from the business for living expenses.
7. On March 28. Received $9,000 for services previously performed on account.
8. On March 29 Purchased equipment costing $15,000 for $5,000 cash and the remainder on credit
Prepare Journal entries to record each of the events listed.
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