Paragraph Styles AaBbCcDdE Normal Problem 1) Required: Prepare Journal entries i

Question

Paragraph Styles AaBbCcDdE Normal Problem 1) Required: Prepare Journal entries in good form. Required: Complete the provided spreadsheet Required: Prepare a trial balance in good form (1) Shareholders purchased $180,000 in stock. (2) Paid rent for the month, $2,200. (3) Purchased equipment for $60,000, giving a note payable for $60,000. (4) Purchased supplies on account, $10,000. (5) Billed clients for services rendered, $38,000. (6) Paid salaries for the month, $15,600. (7) Paid $8,000 on account for supplies purchased in transaction (4). (8) Collected $17,400 from clients previously billed. (9) Paid utilities for the month, $980. (10) Paid $11,600 cash dividends.

Explanation / Answer

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Event Account Debit Credit 1 Cash 180000 Common Stock 180000 2 Rent Expense 2200 Cash 2200 3 Equipment 60000 Note Payable 60000 4 Supplies 10000 Accounts Payable 10000 5 Accounts Receivable 38000 Service Revenue 38000 6 Salaries Expense 15600 Cash 15600 7 Accounts Payable 8000 Cash 8000 8 Cash 17400 Accounts Receivable 17400 9 Utilities Expense 980 Cash 980 10 Dividend 11600 Cash 11600

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