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What would the jounal entries look like for the following events? The following events apply to Jackson Tutoring Services Inc. for the month of January
What would the jounal entries look like for the following events?
The following events apply to Jackson Tutoring Services Inc. for the month of January 2018, the company's first period of operations: | |||||||||
1 | Issued common stock in exchange for $4,000 cash. | ||||||||
2 | Borrowed $5,000 by issuing a 2-year, 10% note payable to SunTrust Bank. | ||||||||
3 | Paid $900 for January rent. | ||||||||
4 | Purchased supplies on account for $450 from Traveler's Supply Company. | ||||||||
5 | Purchased equipment for $7,200 cash from DSI Computer Company. The equipment has a 3 year life and a $1,200 salvage value. | ||||||||
6 | Purchased additional equipment from Bebo's Office Supply Co., paying cash of $1,350 and putting $1,500 on account. The equipment has a 5 year life and $450 salvage value. | ||||||||
7 | Paid $125 for advertisements to run in the current month and $375 for ads to run in February-April. | ||||||||
8 | Paid the January insurance premium of $225. | ||||||||
9 | Performed services for $2,625 cash. | ||||||||
10 | Received cash advance of $5,125 for services to be performed on a 5- month contract beginning in January. | ||||||||
11 | Performed services and billed customers $1,500. | ||||||||
12 | Made a $600 payment on account to Traveler's Office Supply Company . | ||||||||
13 | Collected $1,300 from customers on account. | ||||||||
14 | Declared and paid dividends of $1,000 cash. |
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