Journal entries.Record each of the following transactions in general journal for

Question

Journal entries.Record each of the following transactions in general journal format. a)Issued 50,000 shares of $1 par capital stock for $35 each, b)Billed customers for services provided,$10,000.,c) Purchased supplies on account,$3,000, d) Paid monthly utility bill,$1,500,e)Verified 20 percent increase in market price of stock, f) Paid wages for the current month, $6,000, g) Purchased equipment with a list price of $50,000 by making a 20 percent down payment and finaning the remainder with a six-month note payable, h) Collected cash from customers,$5,000, i) Paid venders, $1,400, j)Recorded one month's accrued interest on notes payable  

Explanation / Answer

Particulars Debit Credit a) Cash $1,750,000.00 Common Stock $50,000.00 Additional Paid in Capital $1,700,000.00 b) Account Recievable $10,000.00 Revenue $10,000.00 c) Supplies $3,000.00 Accounts Payable $3,000.00 d) Utility Expenses $1,500.00 Cash $1,500.00 e) No Entry f) Wages $6,000.00 Cash $6,000.00 g) Equipment $50,000.00 Cash $10,000.00 12 %Notes Payable $40,000.00 h) Cash $5,000.00 Account Recievable $5,000.00 i) Accounts Payable $1,400.00 Cash $1,400.00 j) Interest on Notes Payable $400.00 12% Note Payable $400.00

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