Question

Journalize and post the entries required by the following transactions for Francisco Furniture Repair Company. Prepare a trial balance as of April 30, 20X0, for the period April 1 to April 30, 20X0. Ignore interest. Use dates, posting references, and the following chart of accounts. As you identify the need for specific expense accounts, assign each expense account its own account number.


•April 1, 20X0.The Francisco Furniture Repair Company was formed with $100,000 cash on the issuance of common stock.
•April 2. Francisco acquired equipment for $70,000. Francisco made a cash down payment of $20,000. In addition, Francisco signed a note for $50,000.
• April 3. Sales on credit to repair furniture at a local hotel, $3,500.
• April 3. Supplies acquired (and used) on open account, $200.
• April 3. Wages paid in cash, $700.
• April 30. Depreciation expense for April,$2,000.


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  • CreatedFebruary 20, 2015
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