Question: Creating Journal Entries based on Transaction Listing Hi. I need help with creating Journal Entries using the transactions listed below. Accounting Project Transaction Listing Accounting

Creating Journal Entries based on Transaction Listing

Hi. I need help with creating Journal Entries using the transactions listed below.

Creating Journal Entries based on Transaction Listing Hi. I need help withcreating Journal Entries using the transactions listed below. Accounting Project Transaction Listing

Accounting Project Transaction Listing Accounting Cycle Project Transactions (1/31) . Orca Company pays its supplier for inventory purchased on 1/2/2022 (owed $5,000) Orca Company provides services worth $5,000 and is paid in cash Orca Company allocates $20,000 for payment to employees for salaries. Orca Company purchases a building using a note payable for $480,000 at 5.00% annual interest and Orca Company puts $15,000 down. Accounting Cycle Project Transactions (2/2) Schedules a service to be performed later, but receives the $3,000 for the service now Pays the supplier for inventory purchased on 1/9 (owed $5,000) Pays the employee salaries allocated on 1/31 for the month of January ($20,000) Pays January utilities of $1,750 Pays rent for February ($500) Accounting Cycle Project Transactions (2/4) Provides services to a customer worth $16,000. The customer pays for half of the service now and the rest is on account Purchases liability insurance for its business starting in February at $12,000 for the year. Note all $12,000 is paid immediately Purchases $2,000 of supplies, on account. The supplies purchased on 1/1 have all been used. Purchases a $30,000 equity stake (investment) in a start-up company Orca Company prepares its January adjusting and closing entries (performed together in class on 2/7) Accounting Cycle Project Transactions (2/7) Sells Common Stock for $50,000 Provides Services to Customers worth $10,000 and is paid in cash Purchases new advertisements for $4,400 Pays for supplies purchased on 2/4 Provides the services to customers scheduled on 2/2 A customer approaches Orca Company and requests a service worth $6,000. The customer pays Orca Company $2,000 now and will pay the other $4,000 once the service is provided. Trans Date Debit Accounts Credit Accounts Debit Amounts Credit Amounts 5

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