Reference no: EM133378757
Question: Prepare journal entries to record the following business transactions. Identify each transaction by number. Assume all transactions occurred on January 31, 2023.
1. Borrowed $36,000 cash from the bank by signing a note.
2. Purchased $1,500 of office supplies on account.
3. Paid $4,800 for the annual liability insurance policy. The policy covers the period from Feb. 1, 2023 to Jan. 31, 2024.
4. Clients paid $1,000 for services that will be provided in March 2023.
5. Paid $3,500 cash for salaries for the month of January 2023.
6. Issued 1,000 shares of common shares for a total of $50,000
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