Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Urgent help on accounting homework please? Prepare the necessary journal entries for each of the transactions presented below for the Salisbury Company. a. Salisbury Company

Urgent help on accounting homework please?

Prepare the necessary journal entries for each of the transactions presented below for the Salisbury Company.

a. Salisbury Company sold 2,000 shares of common stock at $25 per share in cash.

b. The company purchased equipment for $8,000, paying $2,000 in cash and the remainder in a note.

c. The company paid the current month's rent, which amounted to $700, and the current month's utilities, which amounted to $300.

d. Merchandise inventory costing $2,500 was sold on account for $4,800.

e. Depreciation on the equipment amounted to $900.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions