(TCOs E and F) Please prepare the following journal entries. Indicate which acco

Question

(TCOs E and F) Please prepare the following journal entries. Indicate which account should be debited and which account should be credited, along with the dollar amount of the debit and credit (1) Investors invest $500,000 in exchange for 50,000 shares of common stock (2) Company purchased equipment for $25,000 on account (3) Company paid Rent for $4,000 (4) Company received $15,000 for services not yet performed (5) Employees work Monday through Friday and are paid on Friday. Salary expense is $10,000 per day and this year, December 31 falls on a Wednesday. HTML Editor Paragraph

Explanation / Answer

Journal Entries :-

S.No. Particulars Debit($) Credit($) 1) Cash A/c Dr. 500000 To Common Stock A/c 500000 2) Equipment A/c Dr. 25000 To Accounts Payable A/c 25000 3) Rent A/c Dr. 4000 To Cash A/c 4000 4) Cash A/c Dr. 15000 To Unearned Service Revenue A/c 15000 5) Salary Expense A/c Dr. ($10000*3day) 30000 To Salary Payable A/c 30000

Related Questions

Navigate

• Browse (All)
• Browse #
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.