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Complete the first step in the accounting cycle: Record journal entries for the following transactions in...

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Accounting

Complete the first step in the accounting cycle: Recordjournal entries for the following transactions in the GeneralJournal, which is the first sheet in the template file.Explanations are not needed.

Dec.     1         Investorscontributed $96,000 in exchange for shares of common stock.

            8         Performed serviceson account for $32,350.

            9         Purchased supplieson account for $672.

           10        Purchased furniture at apurchase price of $12,000, by making a cash down payment of $2,000,and signing a note for the remainder. (HINT: This journal entrywill have 3 accounts – one debit and two credits. Remember, debitshave to equal credits in every journal entry.)

           12         Received utilitybill to be paid next month, $525.

           15         Paid wages,$15,000.

           17        Received payments onaccount from customers, $26,960.

           21        Paid vendors on account, $6,195.

           24         Received $5,000from customers for work to be performed in January.

           28        Paid dividends of$44,000.

           31        Paid the next 6 monthsrent in advance, $12,000.

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