Question

prepare general journal for the following

Transaction	Date	Description
1	July 1	Began her business by contributing a computer valued at $500 and rug cleaner at $6,200 and depositing $2X,XXX (XXXX- represents 0000) in a checking account in the name of the corporation in exchange for 6,000 shares, $1 par value shares of capital stock.
2	1	Received $10,000 proceeds from an unsecured, 11%, 5 year, interest only bank loan, due July 1, 2017. The proceeds will be used to pay daily operations of the company. Interest will be paid monthly on the fifth of each month; next payment day is June 5th August 5.
	1	Purchased 30 shares of Facebook stock for market rate as of July 1, 2017. MCS paid $12.00 brokerage fee. Use the Short-term Investment (Available For Sale) account.(per share price 151.33)
3	2	Paid $1,500 for 3 floor waxer/buffer machines.
4	2	Purchased a used truck for $18,000 in exchange for a 3 year zero-interest bearing $25,000 note to Jim's Auto Sales.
5	3	Purchased cleaning supplies for $6,500. These supplies will not be resold—use the Cleaning Supplies Inventory account, 2%/15, net 30. The company uses the period inventory method.
6	3	Paid cash for an exclusive 3 yr right to sell cleaning products from Brite N’ Clean Supply company, $8,900.
7	3	Purchased 350 cans of cleaning product, XB4, on account, for resale purposes only, from Brite N’ Clean. Each can costs $8.00. Total shipping costs were $15.00, also included in the amount owed—use the Merchandise Inventory Account.
8	4	Signed a two year lease agreement for storge and office location. Paid 3 months of rent in advance, $3,000, plus security deposit of $1,000, total $4,000
9	5	Paid $4,800 on a one-year insurance policy, effective July 1.
10	7	Hired 5 workers at $15.50 per hour.

Answer 1

General Journal
Transaction	Date	Account titles and explanation	Debit	Credit
1	July 1	Computer	$        500.00
		Rug Cleaner	$    6,200.00
		Cash	$ 20,000.00
		Common Stock		$    6,000.00
		APIC-Common stock		$ 20,700.00
2	July 1	Cash	$ 10,000.00
		Unsecured Bank Loan		$ 10,000.00
	July 1	Short term investment(AFS)(30 x $151.33 + $12)	$    4,551.90
		Cash		$    4,551.90
3	July 2	Waxer Machine	$    1,500.00
		Cash		$    1,500.00
4	July 2	Truck	$ 18,000.00
		Interest Expense	$    7,000.00
		Notes Payable		$ 25,000.00
5	July 3	Cleaning supplies inventory	$    6,500.00
		Accounts payable		$    6,500.00
6	July 3	Right to sell	$    8,900.00
		Cash		$    8,900.00
7	July 3	Merchandise inventory (350 x $8 + $15)	$    2,815.00
		Accounts payable		$    2,815.00
8	July 4	Prepaid rent	$    3,000.00
		Security Deposit	$    1,000.00
		Cash		$    4,000.00
9	July 5	Prepaid Insurance	$    4,800.00
		Cash		$    4,800.00
10	July 7	No Entry Req