Description
complete both entries. See attachment.
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Explanation & Answer
Find the attached document,Best Regards
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
...