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The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow a. The firm was organized and the
The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow a. The firm was organized and the stockholders invested cash of $7,500. b. The firm borrowed $4.900 from the bank, a short-term note was signed. Display coses and other store equipment costing $1700 were purchased for cash. The original list price of the equipment was $1.900, but a discount was received because the seller was having a sale. d. A store location was rented, and $1300 was paid for the first month's rent e Inventory of $14,600 was purchased: $9,700 cash was paid to the suppliers, and the balance will be paid within 45 days 9. A newspaper ad costing $100 was arranged for, Itran during the second week of the store's operations. The ad will be paid for in h. Additional inventory costing $4.450 was purchased, cash of $1300 was paid, and the balance is due in 30 days 1. In the last three weeks of the first month, sales totaled $14,500, of which $9700 was sold on account. The cost of the goods sold totaled $9.200 J. Employee wages for the month totaled $1,800, these will be paid during the first week of the next month k. The firm collected a total of $3,900 from the sales on account recorded in transaction. 1. The firm paid a total of 54.350 of the amount owed to suppliers from transactione Required: Prepare the journal entries for each of these transactions (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction lit Journal entry worksheet 3 2 6 7 8 14 The firm was organized and the stockholders invested cash of $7,500 Not Enter debit before credits General Journal Credit Transaction Cash Additional paid in capital Debat 7.500 Record entry Clear entry View general Journal
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