Weygandt, Financial Accounting, 10e Help I System Announcements Brief Exercise 2

Question

Weygandt, Financial Accounting, 10e Help I System Announcements Brief Exercise 2-6 Larkspur, Inc. has the following transactions during August of the current year. Aug. 1 Opens an office as a financial advisor, investing $4,900 in cash in exchange for common stock 4 Pays insurance in advance for 6 months, $1,980 cash. 16 Receives $400 from clients for services performed. 27 Pays secretary $1,890 salary. Journalize the transactions. (Credit account titles are automatically indented when the amount is ente is required, select "No.Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit

Explanation / Answer

Date Account Debit Credit Aug.1 Investment in common stock 4900 Cash 4900 Aug.4 Prepaid insurance 1980 Cash 1980 Aug.16 Cash 400 Service fee 400 Aug.27 Salaries exp 1890 Cash 1890

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