Reference no: EM132735548
Problem - On 1/1/2020 three college students each invested $20,000 in cash to start a corporation called 3U Inc. Each student received 3,000 shares of $1 par value common stock. During its first month of operations (January, 2020), 3U Inc. experienced the following events:
1. Received cash in exchange for shares of common stock issued to the owners as described above.
2. Bought merchandise for $28,000 from a supplier who agreed to be paid in 15 days.
3. Bought equipment for 10,000 giving $2,000 cash and signing a 1 year note for the balance.
4. Purchased supplies at a cost of $600 paid in cash.
5. Paid the $28,000 which were due to the supplier named in (2) above.
6. Agreed to hire SPOT Cleaning Services Inc. at a fee of $1,000 per month to provide office cleaning services beginning on 2/1/20.
Required - Prepare the journal entries on 3U's Journal for 1 through 6 above (indicate "no entry required" if an event does not require a journal entry).
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