Question: Are my answers correct? Problem # 5 - Part A Below are several transactions for Clarke Corporation. A junior accountant, recently employed by the company,

Are my answers correct? Problem #5- Part A
Below are several transactions for Clarke Corporation. A junior accountant, recently employed by the company, proposes to record the following transactions.
Owners invest $10,000 in the company and receive common stock.
Receive cash of $3,000 for services provided in the current period.
Purchase office supplies on account, $200.
Pay $500 for next month's rent.
Purchase office equipment with cash of $1,700.
Paid $500 in cash dividends.
Assess whether the following journal entries are correct.
\table[[Correct or Incorrect?,Accounts,Debit,Credit],[#1 In Correct,\table[[Common Stock],[Cash]],10,000,10,000],[#2 Corveut,\table[[Cash],[Service Revenue]],3,bar(000),3,000],[#3 Incorvent,\table[[Supplies],[Cash]],200,200],[#4 Incorreut,\table[[Rent Expense],[Cash]],500,500],[#5 incorreat,\table[[Cash],[Equipment]],1,700,1,700],[#6 incovveet,\table[[Cash],[Dividends]],500,500]]
 Are my answers correct? Problem #5- Part A Below are several

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!