Using the general journal form located in files, prepare the correct journal entries for the...
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Accounting
Using the general journal form located in files, prepare the correct journal entries for the following transactions: 12/01 Issued capital stock for $300,000 cash. 12/03 Received $144,000 for magazine subscriptions to run for two years from this date. The magazine is published monthly on the 23rd. 12/04 Paid for advertising to be run in a national periodical for six months (starting this month). The cost was $36,000. 12/07 Purchased for cash an insurance policy to cover a two-year period beginning December 15, $24,000. 12/12 Paid the annual rent on the building, $36,000, effective through November 30, 2013 12/15 Received $216,000 cash for two-year subscriptions starting with the December issue. Chart of Accounts Account Name Account Number Cash 100 Unearned Subscription Revenue 200 Capital Stock 300 Advertising Expense 501 Insurance Expense 502 Rent Expense 503 E F G General Journal H Date Account Name/Explanation Account # Debit Credit genjou Sheet1
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