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Mark’s Consulting experienced the following transactions for 2016, its first year of operations, and 2017. Assume...

Mark’s Consulting experienced the following transactions for 2016, its first year of operations, and 2017. Assume that all transactions involve the receipt or payment of cash. Transactions for 2016 1. Acquired $20,000 by issuing common stock. 2. Received $35,000 for providing services to customers. 3. Borrowed $25,000 cash from creditors. 4. Paid expenses amounting to $22,000. 5. Purchased land for $30,000 cash.

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Answer #1

Journal entry :

No account & Explanation debit credit
1 Cash 20000
    Common Stock 20000
(To record common stock)
2 Cash 35000
   Service revenue 35000
(To record revenue)
3 Cash 25000
     Account payable 25000
(To record borrow)
4 Expense 22000
    Cash 22000
(To record amount paid)
5 Land 30000
    Cash 30000
(To record purchase land)
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