Question: Monroe Company rents and sells electronic equipment During September 2011

Monroe Company rents and sells electronic equipment. During September 2011, Monroe engaged in the transactions described below.
Sept. 5 Purchased a Chevrolet truck for $34,900 cash
8 Purchased inventory for $3,400 on account
10 Purchased $1,450 of office supplies on credit
11 Rented sound equipment to a traveling stage play for $12,800. The producer of the play paid for the service at the time it was provided.
12 Rented sound equipment and lights to a local student organization for a school dance for $3,600. The student organization will pay for services within 30 days.
18 Paid employee wages of $4,170 that have been earned during September
22 Collected the receivable from the September 12 transaction
23 Borrowed $14,100 cash from a bank on a three-year note payable
28 Sold common stock to new stockholders for $40,000
30 Paid a $4,350 cash dividend to stockholders
Prepare a journal entry for each transaction.

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  • CreatedSeptember 22, 2015
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