Question: I need help creating journal entries for these. Il. Journal Entries Prepare the necessary journals entries using the information given for Dehning Ltd., which started

I need help creating journal entries for these.

I need help creating journal entries for these. Il. Journal Entries Prepare

Il. Journal Entries Prepare the necessary journals entries using the information given for Dehning Ltd., which started business on Dec. 1. 1. Dec. 1, Dehning begins operations by selling 5,000 shares of stock to investors (the new owners) for $250,000. 2. Dec. 1, Dehning borrows $40,000 from the bank at an annual interest rate of 6%. The loan and accrued interest will be paid next year on Dec. 1. 3. Dec. 2, Dehning rents a store for two years at a cost of $5,000 per month, for a total cash payment of $120,000. 4. Dec. 2, Dehning buys and pays for a cash register costing $6,000. 5. Dec. 3, Dehning orders $10,000 worth of inventory, to be delivered on Jan. 5. 6. Dec. 5, The inventory ordered on Jan. 3 arrives with an invoice for $10,000, which Dehning decides to pay next week. 7. Dec. 6 Dehning sells half of the inventory for $30,000 on account

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