Susans Decorating Service Company began operations on April 1, 2016. The following transactions occurred during...
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Accounting
Susans Decorating Service Company began operations on April 1, 2016. The following transactions occurred during the first month of operations of the Decorating Service Company.
| April 1 | Received $25,000 cash from the owners in exchange for shares of common stock. |
| April 4 | Purchased $400 of supplies on account. |
| April 10 | Billed a client for $4,000 for services rendered and received cash immediately. |
| April 15 | Paid salary to her employee $1,000 cash for his completed work. |
Journal entry for Susans Decorating Service Company on April 1, 2016, is
Select one:
a.
| Date |
|
| Debit | Credit |
| 1-April | Accounts Payable |
| 25,000 |
|
|
|
| Cash |
| 25,000 |
b.
| Date |
|
| Debit | Credit |
| 1-April | Cash |
| 25,000 |
|
|
|
| Common Stock |
| 25,000 |
c.
| Date |
|
| Debit | Credit |
| 1-April | Cash |
| 25,000 |
|
|
|
| Accounts Payable |
| 25,000 |
d.
| Date |
|
| Debit | Credit |
| 1-April | Common Stock |
| 25,000 |
|
|
|
| Cash |
| 25,000 |
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