For each of the transactions in E3- 16 (including the sample), write the journal entry using the for-mat shown in
a. (Sample) Received $ 9,500 cash for consulting services rendered in January.
b. Issued common stock to investors for $ 10,000 cash.
c. Purchased $ 12,000 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years.
d. Received $ 7,500 cash for consulting services to be performed in February.
e. Bought $ 1,000 of supplies on account.
f. Received utility bill for January for $ 1,250, due February 15.
g. Consulted for customers in January for fees totaling $ 15,900, due in February.
h. Received $ 12,000 cash for consulting services rendered in December.
i. Paid $ 500 toward supplies purchased in (e).
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
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Question Posted: November 02, 2015 05:29:52