Write the journal entries in the given table for below transactions of Brave Corporation during June...

Write the journal entries in the given table for below transactions of Brave Corporation during June 2020.

1	Paid electricity bill for $125.
2	Sold products to customers on credit for $530.
3	New shares were issued for $ 12,000.
4	Purchased equipment on account for $3,500.
5	Customers in transaction 2 paid their due in full.

Expert Solution

	Journal Entry:

S.No	Accounts Name and Explanation	Debit	Credit
1	Utilities Expense - Electricity	125
	Cash		125
	(To record electricity expense)

2	Accounts Receivable	530
	Sales		530
	(To record sales on credit)

3	Cash	12,000
	Common Stock		12,000
	(To issued new shares)

4	Equipment	3,500
	Accounts Payable		3,500
	(To record Equipment purchase on account)

5	Cash	530
	Accounts Receivable		530
	(To record received cash from customers transaction no. 2)

ekkarill92 answered 1 year ago

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