Company purchased inventory in the amount

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A company purchased inventory in the amount of $10,000 and paid cash. Prepare the general journal entry.

DEBIT: Inventory for $10,000; CREDIT: Cash for $10,000

DEBIT: Cash for $10,000; CREDIT: Inventory for $10,000

DEBIT: Inventory for $10,000; CREDIT: Cost of Goods Sold for $10,000

DEBIT: Cost of Goods Sold for $10,000; CREDIT: Inventory of $10,000

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At the end of the year, there is $6,800 worth of employee wages that have been earned by the employees, but not yet paid. Record the adjusting journal entry.

DEBIT: Wages Payable for $6,800; CREDIT: Wage Expense for $6,800

DEBIT: Cash for $6,800; CREDIT: Wage Expense for $6,800

DEBIT: Wage Expense for $6,800; CREDIT: Cash for $6,800

DEBIT: Wage Expense for $6,800; CREDIT: Wages Payable for $6,800

A company issued 500 shares of stock with a par value of $1/share at $20/share. Prepare the general journal entry.

DEBIT: Common Stock for $500 and Additional Paid in Capital for $9,500; CREDIT: Cash for $10,000

DEBIT: Cash for $10,000; CREDIT: Common Stock for $500 and Additional Paid in Capital for $9,500

DEBIT: Cash for $10,000; CREDIT: Common Stock for $9,500 and Additional Paid in Capital for $500

DEBIT: Cash for $10,000; CREDIT: Common Stock for $10,000.

Reference no: EM131881152

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