Reference no: EM131284193
Prepare journal entries (in good form) for the following transactions. If no entry is required, write “no entry.”
Apr. 1 Investors opened a dry cleaning service, called Same Day Cleaners, by depositing $60,000 into a business bank account and receiving 60,000 shares of $1 par value stock in exchange.
3 Paid two years’ rent in advance, $14,400.
6 Purchased dry cleaning equipment for $40,000. Paid $8,000 in cash, the remainder to be paid in two weeks.
9 Hired a part-time worker, to be paid $300 per week, starting tomorrow.
17 Paid the worker’s weekly wage.
17 Recorded cash received for services performed during the week, $3,000.
20 Paid for the remainder of the equipment purchased on April 6.
21 Received $200 in advance of cleaning and boxing a wedding gown.
23 Performed $500 of dry cleaning services for Asa’s Tuxedo Shop. It will remit payment in three days.
24 Paid the weekly wages.
26 Received payment from Asa’s Tuxedo Shop.
30 Received a telephone bill for $100, which will be paid in two weeks.
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