Galle Inc, entered into the following transactions during January. a. January 1: Borrowed \\( \\$...

90.2K

Verified Solution

Question

Finance

image
image
Galle Inc, entered into the following transactions during January. a. January 1: Borrowed \\( \\$ 161,000 \\) from First Street Bank by signing a note payable. b. January 4 : Purchased \\( \\$ 25,000 \\) of equipment for cash. c. January 6: Paid \\( \\$ 500 \\) to landiord for rent for January. d. January 15: Performed services for customers on account, \\( \\$ 23,700 \\). e. January 25: Collected \\( \\$ 3,000 \\) from customers for services performed in Transaction d. f. January 28: Purchased land foe \\( \\$ 210,000 \\) by paying \\( \\$ 29,000 \\) cash and obtaining a loan for the balance. 9. January 30: Paid salaries of \\( \\$ 2,000 \\) for the current month. Required: Prepare journal entries for the transactions. If an amount box does not require an entry, leave it blank. Required: Prepare journal entries for the transactions. If an amount box does not require an entry, leave it blank. 25,000 3,000 \\[ 25,000 \\] - \\[ 28 \\]

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students