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Using JOURNAL ENTRIES (DEBITS & CREDITS), account for the following transactions (no explainations necessary): DEBIT CREDIT 1 Invested $50,000 to start the corporation 2 Purchased
Using JOURNAL ENTRIES (DEBITS & CREDITS), account for the following transactions (no explainations necessary): DEBIT CREDIT 1 Invested $50,000 to start the corporation 2 Purchased $10,000 of supplies on account 3 Sold $200,000 of services, 50% on account 4 Paid wages of $100,000 5 Purchased company vehicle. Cost $50,000. 20% down payment, borrowed remainder from the bank 6 Collected $50,000 from customers on account 7 Paid rent of $30,000; Insurance of $20,000 8 Paid the bank 50% of what isn owed them 9 Sold additional services on account, $25,000 10 Invested additional $50,000 into the corporation
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