How would I post these to the general journal? Investors provided $12,000,000 of

Question

How would I post these to the general journal? Investors provided $12,000,000 of cash in exchange for stock of The Wid Jan. 1 Purchased note payable at an annual rate of 12%, payable every 6 months. Jan. 1 in exchange for $500,000 cash and a $1,500.000 Purchased $60,000 of insurance that will cover the next 4 years. This was recorded as prepaid insurance Purchased $12,000 of office supplies on account that will be needed during Jan. 1 Feb. 1 the upcoming year Mar. 15 Paid Salaries of $25,000 Mar. 31 Billed customers for services in the amount of $100,000 Apr. 15 Paid the vendor who sold Wild the office supplies on Feb. 1 Apr. 30Collected $75,000 on accounts receivable June 15 Paid salaries of $30,000 June 30 Paid $5,000 for hotel costs June 30 Paid $13,000 for transportation costs incurred by staff June 30 Paid the interest due and $150,000 to reduce the balance of the note payable. July 1 Billed customers for services provided in the amount of $340,000 Collected $110,000 on accounts receivable. Aug 1 Aug. 15 Purchased $12,000 of office supplies on account. Sept. 15 Paid salaries of $30,000. Sept. 30 Paid $14,000 for transportation costs. Sept. 30 Paid $23,000 for hotel costs incurred by staff Dec. 1 Collected $195,000 as deposits from customers who contracted for 2019 Dec. 31 Declared and paid a $36,000 dividend to shareholders

Explanation / Answer

  

Cash Account   

Date Accounts title Amount Date Accounts title Amount 1 Jan To common stock 12000000 1 Jan By Equipment 500000 30 April To Accounts receivable 75000 1 Jan By Prepaid insurance 60000 1 Aug To Accounts receivable 110000 15 Mar By salaries expense 25000 1 Dec To unearned revenue 195000 15 April By Accounts payable 12000 15 June By salaries expense 30000 30 June By Hotel expense 5000 30 June By Travelling expense 13000 30 June By interest expense[$1500000 *12%*6/12 months ] 90000 15 Sept By salaries expense 30000 30 Sept By Travelling expense 14000 30 Sept By Hotel expense 23000 31 Dec By Dividend 36000 31 Dec By Balance c/d 11542000 $12380000 $12380000

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