Jan 1 Big Joe opened the business with $10,000 in exchange for common stock. 2 Paid...

  

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Jan 1 Big Joe opened the business with $10,000 in exchange for common stock. 2 Paid rent for the office for the month, $2,000. 3 Purchased $2,400 of insurance for the business, providing 24 months of coverage. 5 Purchased supplies on account, $1,260. 7 Paid employee salary of $1,500 for work performed thus far in January 17 Purchased Equipment for $4,500, paying $1,000 in cash and putting the remainder on a note payable. 11 Paid creditor on account, $1,340. 20 Billed customers for service revenue of $2,860. 21 Received $4,000 in cash for services to be performed in February. 22 Paid automobile expenses, $200. 27 Purchased $800 of supplies on account. 31 Paid the owners a dividend of $700. REQUIRED Record journal entries for the transactions that occurred during the month of January 2021. Use the following Chart of Accounts for your journal entrie enter the account titles exactly as they appear in the Chart of Accounts. For financial amounts, use commas and do not use any dollar signs. Jan 1 Big Joe opened the business with $10,000 in exchange for common stock. 2 Paid rent for the office for the month, $2,000. 3 Purchased $2,400 of insurance for the business, providing 24 months of coverage. 5 Purchased supplies on account, $1,260. 7 Paid employee salary of $1,500 for work performed thus far in January 17 Purchased Equipment for $4,500, paying $1,000 in cash and putting the remainder on a note payable. 11 Paid creditor on account, $1,340. 20 Billed customers for service revenue of $2,860. 21 Received $4,000 in cash for services to be performed in February. 22 Paid automobile expenses, $200. 27 Purchased $800 of supplies on account. 31 Paid the owners a dividend of $700. REQUIRED Record journal entries for the transactions that occurred during the month of January 2021. Use the following Chart of Accounts for your journal entrie enter the account titles exactly as they appear in the Chart of Accounts. For financial amounts, use commas and do not use any dollar signs.

Answer rating: 100% (QA)

1 Jan 1 Big Joe opened the business with 10000 in exchange for common stock Journal Entry Debit Cash 10000 Credit Common Stock 10000 Explanation This transaction reflects the initial investment made b... View the full answer