Question

Record each of the following transactions in general journal format.
a. Issued 50,000 shares of $1 par capital stock for $35 each.
b. Billed customers for services provided, $10,000.
c. Purchased supplies on account, $3,000.
d. Paid monthly utility bill, $1,500.
e. Verified 20 percent increase in market price of stock.
f. Paid wages for the current month, $6,000.
g. Purchased equipment with a list price of $50,000 by making a 20 percent down payment and financing the remainder with a six-month, 12 percent note payable.
h. Collected cash from customers, $5,000.
i. Paid vendors, $1,400.
j. Recorded one month’s accrued interest on note payable.


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  • CreatedAugust 06, 2015
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