Question
What would be the journal entry for the following transactions (include account, amount, debit or credit): Jan 7 Issued common stock for $50,000 Feb 14
What would be the journal entry for the following transactions (include account, amount, debit or credit):
Jan 7 Issued common stock for $50,000
Feb 14 Purchased supplies on account for $3,750
Feb 20 Paid the invoice for Supplies that were purchased on Feb 14th
Apr 3 Issued additional common stock for $30,000.
Apr 8 Purchased merchandise of 6,000 yo-yos at $2.00 per yo-yo on account, terms 1/10, n/30.
May 8 Paid the invoice of April 8
May 11 Sold 2,000 of the yo-yos on account to Target, terms 2/10, n30, FOB for $3.00 per yo-yo.
May 20 Received cash from the sale on May 11.
Jun 2 Issued a 60-day, 12% note to $5,000 from Bob Smith, one of our managers, who stumbled upon some legal trouble.
July 1 Sold 4,000 yo-yos on account to Walmart, terms 2/10, n30, for $3.00 per yo-yo.
July 1 Paid sales salaries of $1,500 and office salaries of $1,000, utilities of $250, insurance expense of $400 and travel expenses of $200
July 7 Purchased store equipment by paying $4,000 in cash and signing a 90-day, 6% note for $9,000.
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