Question
In: Accounting
Make the following journal entries in good form. 1. On January 1, 2020, Entity A sold...
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.
Solutions
Expert Solution
|
Date |
Particulars |
Debit |
Credit |
|
1st Jan 2020 |
Cash To Common Stock (Being issue of Common Stock) |
$30,000 |
$30,000 |
|
3rd Jan 2020 |
Entity B (Accounts Receivable) To Service Income (Provide service to B on account) |
$1,500 |
$1,500 |
|
5th Jan 2020 |
Cash To Service Income (Service provided to C and cash paid) |
$750 |
$750 |
|
7th Jan 2020 |
Office Equipment To Cash To Best Buy (Accounts Payable) (Computer purchased by paying partial amount as cash and the balance on account) |
$500 |
$100 $400 |
ekkarill92 answered 1 year agoRelated Solutions
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