Question

Required: Prepare the proper journal entries for the following events. (You do not need to describe...

Required: Prepare the proper journal entries for the following events. (You do not need to describe the transaction/event. Just record the proper debits and credits.)

Record in ‘no colour’ area directly below the transaction.

  1. Sold 600 common shares for $15,000 cash.

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  1. Located a building suitable for a dry-cleaning business, paying the first month's rent of $2,000.

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  1. Purchased cleaning supplies for $500 cash.

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  1. Purchased cleaning equipment costing $6,000. $2,000 for cash and the remainder on account.

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  1. Services of $5,000 were rendered for cash and on account during the month. ($4,000 cash, the remainder on account.)

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  1. Paid $1,500 salaries to employees for the month.

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  1. Paid utilities bill of $500 for the month.

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  1. Owner invested $25,000 cash into the business and received common shares in return.

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  1. Received an invoice for repairs, $800.

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  1. Purchased $400 of supplies on account.

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  1. Paid cash in advance for television advertising , $5,500. Ads will show on TV next year.

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  1. Paid $2,000 cash for office furniture.

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  1. Owner received a dividend of $700.

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  1. Collected $1,200 on account.

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  • Borrowed $10,000 from the bank, and received cash.

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