Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please prepare in proper journal entry format the

Please prepare in proper Journal Entry format the following transactions. 1)5/1, the owner...

80.2K

Verified Solution

Question

Accounting

Please prepare in proper Journal Entry format the following transactions.
1)5/1, the owner contributed $4,000 cash and $10,000 in equipment to the company.
2)5/2, sold merchandise to a customer for $1,500, terms 2/10, n/30.
3)5/4, purchased $300 of office supplies on Credit.
4)5/5. paid $4,800 in advance for a one year insurance policy.
5)5/16, paid in cash salaries of $2,200.
6)5/18, paid in cash the current month's advertising bill for $300.
7)5/20, received a bill for equipment repairs for $100. The bill will be paid at a later date.
8)5//22, received $1,000 for consulting services to be performed later.

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

Statistics
1.2K views

The method of tree ring dating gave the following years A.D. for an archaeological excavation site....

Operations Management
1.2K views

analyse the various types of Gantt charts Gus bell and Jeff can use to schedule preparations...

Psychology
1.2K views

After reading the Voices of Freedom documents assigned this week, answer the following: how do the...

Physics
1.2K views

why isn't it accurate to say static friction is the force that keeps objects from moving?...

Economics
1.2K views

During the semester, we have started every class with discussing a current event and analyzing it...

Geometry
1.2K views

9 The area of a rectangle is 15 square inches If the length of the...

Calculus
1.2K views

Let h(x) = 1/4 x + 5 and f(x) = -1/4 x + dDetermine the...

Calculus
1.2K views

Evaluate the limit 1 8z lim I 10 11z

Accounting
1.2K views

Find the present value of an investment that will pay $7,000 at the end of...

Accounting
1.2K views

@@Please Don't use chatgpt or other ai tool. If you know correct answer then attempt...

Accounting
1.2K views

Portsmouth Company makes upholstered furniture. Its only variable cost is direct materials. The demand for...

Accounting
1.2K views

Pepper Department Store allocates its service department expenses to its various operating (sales) departments. The...