Prepare journal entries

1. Acquired $120,000 cash from the issue of common stock.

2. Purchased equipment, paying $45,000 cash.

3. Purchased $2,300 of supplies on account from the Bush Supply Agency.

4. Completed an order from Murphy Consolidators, Inc. - earning $15,900 of revenue. The company received $10,000 cash, with the balance due in 3 months.

5.  Paid electric bill of $4,000.

6. Paid salaries of $8,730.

7. Declared/paid a cash dividend of $7,000 to the shareholders (just one entry).

8. Found out from an appraiser that the market value of the equipment at year-end was    $47,500.

Answer rating: 100% (QA)

here are the journal entries for the provided transactions 1 Acquired 120000 cash from the issue of ... View the full answer