LO Paste B I ab x x AVA Dictate Styles Styles Pane Create and SH Adobe PDF For Questions 1 through 11, prepare journal entries for the transactions. Each question is worth 1 point. (11 points) Use the account titles that are provided on the next page on General Ledger. Example: The company bought a piece of land by paying $25,000 cash. Land 25,000 Cash 25,000 1. The company raised $5,000 cash by issuing common stock. 2. The company raised $10,000 cash by taking out a bank loan for that amount. 3. The company made a service sales for $2,000 cash. 4. The company bought a piece of equipment for $3,000 cash. 5. The company bought one-year insurance on the equipment for $600 cash. 6. The company bought supplies for $150 on credit. Page 1 of 5 432 words LEX English (United States) Focus ES LO Paste B I ab x x AVA Dictate Styles Styles Pane Create and St Adobe PDF 7. The company made a service sales of $350 on credit. 8. The company received a cash payment of $225 from previous credit sales. 9. The company paid $100 cash for the credit purchase of supplies. 10. The company paid rent expense of $450 in cash. 11. The company paid $50 cash dividend. 12. Post the journal entries for Questions 1 through 11 to the T-accounts on the next page. (11 points) Page 2 of 5 432 words IX English (United States) O Focus ES LO Paste B I ab x x APA EEE Dictate Styles Styles Pane Create and SH Adobe PDF Assets Liabilities + Equity Cash Accounts Payable Common Stock Retained Earnings Notes Payable Sales Revenue Accounts Receivable Rent Expense Interest Payable Interest Expense Prepaid Insurance Depreciation Expense Supplies Insurance Expense Equipment Supplies Expense Accumulated Depreciation Dividends FI Page 3 of 5 432 words * English (United States) Focus ES annou "iew a cooks "iewc For Questions 1) through 4) below, prepare adjusting journal entries for the current month, August 2021. Each question is worth 1 point. (4 points) C 1) The $10,000 bank loan (from Question 2) carries 6% annual interest, payable semi- annually on June 30 and December 31. The loan was taken out on August 15, 2021. Half month interest expense should be accrued. E 2) The $3,000 equipment (from Question 4) has 5-year service life with no salvage value. The equipment was placed in service on August 15, 2021, and straight-line depreciation is used for the equipment. Half month depreciation expense should be accrued. 4 3) The insurance on the equipment was bought when the equipment was placed in service on August 15, 2021. Half month insurance expense should be accrued. annou "iew a 4) The company used about one third of supplies by the end of August. cooks "iew C 4 E Post the adjusting journal entries for 1) through 4) to the T-accounts on Page 3. Set up new T- accounts as necessary. Turn in Pages 3 and 4 together with the numbers posted from Assignment 1. 4