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Set 2
Question
Please prepare the following journal entries. Indicate which account
should be debited and which account should be credited, along with the
dollar amount of the debit and credit.
(1) Investors invest $300,000 in exchange for 30,000 shares of common
stock.
(2) Company made payment on account for $500.
(3) Employees work Monday through Friday and are paid on Friday.
Salary expense is $20,000 per day, and December 31 falls on a Tuesday.
(4) Company purchased Supplies for $2,000.
(5) The company needs to record Supplies used for $500.
Set 3
13. Question : (TCOs D and E) Please prepare the following journal
entries. Indicate
which account should be debited and which account should be credited,
along with the dollar amount of the debit and credit.
Investors invest $50,000 in exchange for 1,000 shares of common stock.
Company purchased equipment for $10,000 on credit.
Company received $5,000 for services performed.
Company made payment on account for $2,000.
Set 4
Question 13. Question : (TCO D and TCO E) Please prepare the
following journal entries. Indicate which account should be debited and
which account should be credited, along with the dollar amount of the
debit and credit.
a: Investors invest $100,000 in exchange for 10,000 shares of common
stock.