Question

Make the following journal entries in good form.

1. On January 1, 2020, Entity A sold common stock for $30,000 to investors.

2. On January 3, 2020, Entity A performed services for Entity B for $1,500 on account.

3. On January 5, 2020, Entity A performed services for Entity C for $750 and Entity C paid.

4. On January 7, 2020, Entity A purchased a new computer (office equipment) from Best Buy for $500, paying $100 down, the rest on account.

5. On January 20, Entity B paid Entity A in full (see item 2).

6. On January 30, Entity A paid Best Buy for the computer (see item 4).

7. On January 31, Entity A received its utility bill for $150 and paid it.

Answer 1

Date	Account Title and Explanation	Debit	Credit
Jan 1	Cash	30,000
	Common Stock		30,000
Jan 3	Accounts Receivable	1,500
	Service Revenue		1,500
Jan 5	Cash	750
	Service Revenue		750
Jan 7	Office Equipment	500
	Cash		100
	Accounts Payable		400
Jan 20	Cash	1,500
	Accounts Receivable		1,500
Jan 30	Accounts Payable	400
	Cash		400
Jan 31	Utility Expense	150
	Cash		150