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(21 Pts) Prepare journal entries in good form) for the following transactions. May 1 Investors opened a dry cleaning service by depositing $100,000 into a
(21 Pts) Prepare journal entries in good form) for the following transactions. May 1 Investors opened a dry cleaning service by depositing $100,000 into a business bank account and receiving 10,000 shares of $2 par value common stock. 6 Purchased dry cleaning equipment for $36,000. Paid $14,000 in cash. The remainder will be paid in two weeks. 17 Paid the worker's wage of $800. 18 Recorded cash received for dry-cleaning services performed, $5,000. 20 Paid for the remainder of the equipment purchased on May 6. 23 Performed $390 of dry cleaning services. Customer will pay in three days. 26 Received payment from May 23 customer
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