Solution-Prepare journal entries to record each transaction

Prepare journal entries to record each transaction

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Reference no: EM131768371

Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

a. Placed an order for office supplies costing $1,700. Supplier intends to deliver later in the month. Record the transaction.

b. Purchased equipment that cost $22,000; paid $6,000 cash and signed a promissory note to pay $16,000 in one month. Record the transaction.

c. Negotiated and signed a one-year bank loan, and then deposited $5,000 cash in the company's checking account. Record the transaction.

d. Hired a new finance manager on the last day of the month. Record the transaction.

e. Received an investment of $10,000 cash from the company's owners in exchange for issuing common shares. Record the transaction.

f. Supplies [ordered in (a)] were received, along with a bill for $1,700. Record the transaction.

Reference no: EM131768371

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Prepare journal entries to record each transaction

Reference no: EM131768371

Reference no: EM131768371

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