Prepare a trial balance Transaction Journal Entries 1 Paid monthly rent of $400. 2 Received $800 from

Prepare a trial balance  

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Transaction Journal Entries 1 Paid monthly rent of $400. 2 Received $800 from customers when service was rendered. 3 Issued common stock to investors for $20,000. 4 Billed customers $350 for services performed. 5 Paid $2,000 dividend to stockholders. 6 Incurred $200 advertising expense on account. 7 Received full payment from customers billed in #4 above. 8 Purchased equipment with a five year life for $3,000. 9 Purchased inventory for $2,000, on account. 10 Purchased computers for office use for $25,000 from Dell, on account. 11 Paid $400 for current month's rent. 12 Received $12,000 from customers for services performed 13 Provided computer services to customer for $5,000 cash. 14 Paid the utility company $11,000 for current month energy usage. 15 Stockholders invested an additional $30,000 in the business in exchange for common stock. 16 Paid Dell for computers purchased in #10 above. 17 Incurred advertising expense of $1,000 for current month, on account. 18 Borrowed $45,000 by issuing bonds which pay interest at 7%. 19 Performed services on account for $8,000. 20 Paid current month salaries of $28,000. 21 Purchased supplies on account for $300. 22 Paid advertsing company in full for amount billed in #17 above. 23 Received full payment for amount billed in #19 above. 24 Hire secretary for $35,000 annual salary. 25 Paid $2,000 for a 12-month insurance policy which begins next month. 26 Received $5,000 for services to be performed next year. 27 Collected $5,000, and billed the remainder, of $15,000 in services performed. 28 Declared but has not paid $5,000 dividend to shareholders. 29 Purchased land for $50,000 by paying $5,000 down and issuing a 30 year, 6% mortgage for the rest. 30 Purchased inventory for $2,000, on account. Transaction Journal Entries 1 Paid monthly rent of $400. 2 Received $800 from customers when service was rendered. 3 Issued common stock to investors for $20,000. 4 Billed customers $350 for services performed. 5 Paid $2,000 dividend to stockholders. 6 Incurred $200 advertising expense on account. 7 Received full payment from customers billed in #4 above. 8 Purchased equipment with a five year life for $3,000. 9 Purchased inventory for $2,000, on account. 10 Purchased computers for office use for $25,000 from Dell, on account. 11 Paid $400 for current month's rent. 12 Received $12,000 from customers for services performed 13 Provided computer services to customer for $5,000 cash. 14 Paid the utility company $11,000 for current month energy usage. 15 Stockholders invested an additional $30,000 in the business in exchange for common stock. 16 Paid Dell for computers purchased in #10 above. 17 Incurred advertising expense of $1,000 for current month, on account. 18 Borrowed $45,000 by issuing bonds which pay interest at 7%. 19 Performed services on account for $8,000. 20 Paid current month salaries of $28,000. 21 Purchased supplies on account for $300. 22 Paid advertsing company in full for amount billed in #17 above. 23 Received full payment for amount billed in #19 above. 24 Hire secretary for $35,000 annual salary. 25 Paid $2,000 for a 12-month insurance policy which begins next month. 26 Received $5,000 for services to be performed next year. 27 Collected $5,000, and billed the remainder, of $15,000 in services performed. 28 Declared but has not paid $5,000 dividend to shareholders. 29 Purchased land for $50,000 by paying $5,000 down and issuing a 30 year, 6% mortgage for the rest. 30 Purchased inventory for $2,000, on account.

Answer rating: 100% (QA)

ENTRIES Paid monthly rent of 400 Decrease in Cash 400 Received 800 from customers when service was rendered Increase in Cash 800 Issued common stock t... View the full answer