1st of July.Two people each invested $30,000 in the corporation.Each investor has issued $3,000 shares of common
Question:
1st of July. Two people each invested $30,000 in the corporation. Each investor has issued $3,000 shares of common stock.
1. He borrowed $40,000 from a local bank and signed two promissory notes. The first $10,000 note requires payment of principal and 10% interest in six months. The second not for $30,000 requires the payment of principal in two years. Interest at 10% is payable each year on July 1, 2017 and July 1, 2018.
1. You paid $24,000 in advance for one year's rent on the store building.
1. She purchased furniture and accessories from Acme Furniture for $12,000 cash.
3. You purchased $60,000 of clothing inventory on account from Birdwell Wholesale Clothing Company.
6. She bought $2,000 of supplies for cash.
4-31 During the month, you sold merchandise costing $20,000 for $35,000 in cash.
9. He sold clothes on account of st. Jude school for girls for $3,500. The clothes cost $2,000.
16. He subleased a part of the building to a jewellery store. He received $1,000 up front for the first two months of rent starting July 16.
20. He paid $25,000 Birdwell wholesale clothing into the account.
20, Payment of salaries to employees for the first half of the month, $5,000.
25. He received $1,500 on account of st. Judas
30. The corporation paid its shareholders a cash dividend of $1,000.
Provide
1. Journal Entry
2. Post to General Ledger Account
3. Post to trial balance
Expert Answer:
Journal Entry Date Account Debit Credit 1Jul Cash 30000 1Jul Common Stock 30000 1Jul Cash 40000 1Jul ... View the full answer
