Question

Journalize the following transactions by Culver Printing Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

1. Stockholders invest $83,500 cash to start the business.

2. Purchased three digital copy machines for $430,000, paying $113,000 cash and signing a 5-year, 6% note for the remainder.

3. Purchased $4,000 paper supplies on credit.

4. Cash received for photocopy services amounted to $8,700.

5. Paid $600 cash for radio advertising.

6. Paid $1,000 on account for paper supplies purchased in transaction 3.

7. Dividends of $2,200 were paid to stockholders.

8. Paid $1,300 cash for rent for the current month.

9. Received $2,700 cash advance from a customer for future copying.

10. Billed a customer for $600 for photocopy services completed.

Answer 1

Dear Student,
Detailed solution is provided in the image format, please go through the image.
Thank you