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The following transactions occurred at the Daisy King Ice Cream Company. Started business by issuing 10,000 shares of common stock for $26,000. Leased a building
The following transactions occurred at the Daisy King Ice Cream Company.
- Started business by issuing 10,000 shares of common stock for $26,000.
- Leased a building for three years at $560 per month and paid six months' rent in advance.
- Purchased equipment for $6,000, signing a two-year, 12% note.
- Purchased $2,400 of supplies on account.
- Recorded cash sales of $1,400 for the first week.
- Paid weekly salaries, $620.
- Paid for supplies purchased in item (4).
- Recorded depreciation on equipment, $80.
Required: Prepare journal entries to record each of the transactions listed above.
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