Record the two accounting journal entries, accounting homework help

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complete both entries. See attachment.

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There are two problems on this assignment. Page down further after you complete problem 1. Problem 1 Record the following journal entries below. The first two are done for you as examples. Date Event 1/2/2016 Amanda Smith invested $20,000 cash in capital stock of newly formed corporation 1/4/2016 Purchased equipment on account for $15,000. Note that when you see on account it means the customer w 1/12/2016 Received $30,000 from customers for services rendered. This was not previously billed to customer. 1/15/2016 Received a bill for construction supplies used in the amount of $4,000. 1/18/2016 Provided $6,400 of services on account. 1/20/2016 Paid employees $4,600 for wages earned. 1/22/2016 Collected the amount due for work provided on January 18. 1/23/2016 Paid the amount due on equipment purchased on January 4. 1/25/2016 Purchased (and used immediately) construction supplies for cash in the amount of $1,200. 1/31/2016 The company paid Amanda Smith a $3,000 dividend GENERAL JOURNAL DATE ACCOUNT 1/2/2016 Cash Capital Stock Issued stock to Amanda Smith for cash 1/4/2016 Equipment Accounts Payable Purchased equipment on account DEBIT 20,000 15,000 PROBLEM 2 Record the following journal entries below. Hint - some transactions do not require a journal entry Date Event 6/2/2015 Jose Alvarado invested $50,000 cash in the capital stock of a new corporation 6/3/2015 Paid rent for June in amount of $2,000. 6/6/2015 Hired an assistant to be paid $6,000 per month. 6/7/2015 Signed contract with Alpha Company to provide services for $15,000. 6/8/2015 Purchased on account and immediately used $1,500 of office supplies. 6/9/2015 Received $5,000 from Alpha Company for services performed to date. 6/15/2015 Paid $2,400 travel expense associated with consultation work. 6/16/2015 Provided services on account to Bravo Company for $6,000. 6/17/2015 Paid $3,000 salary to assistant. 6/23/2015 Billed Charlie Company $8,000 for consulting work performed. 6/25/2015 Reimbursed assistant $150 for travel expenses. 6/26/2015 Collected the amount due from Charlie Company for June 23 work. 6/27/2015 Purchased office furniture for $8,000, paying $2,000 cash with balance on account. 6/27/2015 Paid $1500 on account for June 8 purchase. 6/28/2015 Completed contracted work for Alpha Company and billed remaining $10,000 on account. 6/30/2015 Paid assistant $3,000 salary GENERAL JOURNAL DATE ACCOUNT DEBIT e problem 1. ormed corporation you see on account it means the customer will pay later. as not previously billed to customer. h in the amount of $1,200. CREDIT 20,000 15,000 e a journal entry w corporation alance on account. ining $10,000 on account. CREDIT
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Explanation & Answer

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There are two problems on this assignment. Page down further after you complete problem 1.
Problem 1
Record the following journal entries below. The first two are done for you as examples.
Date
1/2/2016
1/4/2016
1/12/2016
1/15/2016
1/18/2016
1/20/2016
1/22/2016
1/23/2016
1/25/2016
1/31/2016

Event
Amanda Smith invested $20,000 cash in capital stock of newly formed corporation
Purchased equipment on account for $15,000. Note that when you see on account it means the customer w
Received $30,000 from customers for services rendered. This was not previously billed to customer.
Received a bill for construction supplies used in the amount of $4,000.
Provided $6,400 of services on account.
Paid employees $4,600 for wages earned.
Collected the amount due for work provided on January 18.
Paid the amount due on equipment purchased on January 4.
Purchased (and used immediately) construction supplies for cash in the amount of $1,200.
The company paid Amanda Smith a $3,000 dividend

GENERAL JOURNAL
DATE
ACCOUNT
1/2/2016 Cash
Capital Stock
Issued stock to Amanda Smith for cash
1/4/2016 Equipment
Accounts Payable
Purchased equipment on account
1/12/2016 Cash
Service Revenue
Received services for Cash

DEBIT
20,000

CREDIT
20,000

15,000
15,000

30,000
30,000

...


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