Prepare journal entries for the following transactions that occurred during January 2023: January 3 Stan Adams opened
Question:
Prepare journal entries for the following transactions that occurred during January 2023:
January 3 Stan Adams opened a landscaping business by investing $60,000 cash and equipment having a $40,000 fair value.
4 Purchased office supplies on credit for $340.
6 Received $5,200 for providing landscaping services to a customer.
15 Paid $200 regarding the office supplies purchase of January 4.
16 Purchased $700 of office supplies on account.
30 Paid the balance owing regarding the office supplies purchase of January 4.
Step by Step Answer:
Date 2023 Jan 3 4 6 General Journal Account Titles and Exp...View the full answer
Fundamental Accounting Principles Volume 1
ISBN: 9781260881325
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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