Question: need help with the question thats wrong Galle Inc. entered into the following transactions during January. a. January 1: Borrowed $171,000 from First Street Bank
Galle Inc. entered into the following transactions during January. a. January 1: Borrowed $171,000 from First Street Bank by signing a note payable. b. January 4: Purchased $25,000 of equipment for cash. c. January 6: Paid $500 to landlord for rent for January. d. January 15: Performed services for customers on account, $27,300. e. January 25: Collected $3,000 from customers for services performed in Transaction d. f. January 28: Purchased land for $300,000 by paying $19,000 cash and obtaining a loan for the balance. g. January 30: Paid salaries of $6,500 for the current month. Required: Prepare journal entries for the transactions. If an amount box does not require an entry, leave it blank, Jan. 1 Cash 171,000 Notes Payable 171,000 4 Equipment 25,000 Cash 25,000 6 Rent Expense 500 Cash 500 15 Accounts Receivable 27,300 Service Revenue 27,300 25 Cash 3,000 Accounts Receivable 3,000 28 Land 300,000 Cash 19,000 Notes Payable 152,000 X 30 Salaries Expense 6,500 Cash 6,500
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