Question: Hi, I need help with questions 5-7 please! help with questions 5-7 Complete the five journal entries below and the additional questions relating to the


Complete the five journal entries below and the additional questions relating to the entries you made. Q1 January 1st: A small business received $32,000 Cash from an investor, the business issued shares to the investor. (2\%) Q2 January 1st: The business borrowed $18,000 from a bank at a 9% annual interest rate. (2\%) Q3 January 15 th: The business bought Equipment at a price of $15,000 using $5,000 cash and the remainder on account, (3\%)) Q4 lanuary 20 th: The business received $2,000 from a customer and agreed to perform services within 30 days. (2\%) Q5 January 31 st: The business pays the interest that has accumulated on the loan over the last month, They also pay $1,500 towards the principal of the loan, ( 5% ) Q6 How much Cash is left in the Cash T-Account? (Use the T-Account to the right to calculate this) ( 5%) Upload Choose a File Q6 Q7
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
