Grady Service Company Inc. was organized by Chris Grady and five other investors. The following events occurred during the year:

a.	Received $64,800 cash from the investors; each was issued 1,440 shares.
b.	Purchased equipment for use in the business at a cost of $16,800; one-fourth was paid in cash, and the company signed a note for the balance, payable in six months.
c.	Signed an agreement with a cleaning service to pay it $240 per week for cleaning the corporate offices.
d.	Lent $2,900 to one of the investors, who signed a note due in six months.
e.	Issued shares to additional investors, who contributed $6,400 in cash and a lot of land valued at $15,400.
f.	Paid the amount of the note payable in (b).
g.	Conor Mulkeen borrowed $10,400 for personal use from a local bank and signed a note payable in one year.

   

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Required: 1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Transaction a. Note: Enter debits before credits. 3 4 Record the cash received from investors and shares issued to them. Record entry 5 General Journal 6 7 Clear entry Debit Credit View general journal Required: 1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Transaction a. Note: Enter debits before credits. 3 4 Record the cash received from investors and shares issued to them. Record entry 5 General Journal 6 7 Clear entry Debit Credit View general journal

Answer rating: 100% (QA)

1 Journal entries Transaction Account Title and Explanation Debit Credit a Cash 64800 Contributed Ca... View the full answer