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Prepare journal entries for the following transactions which occurred at Stark Corporation: The owner, Tony Stark,...

Prepare journal entries for the following transactions which occurred at Stark Corporation: The owner, Tony Stark, invested cash of $12,000 and office equipment valued at $7,500 into the business, receiving common shares in exchange. Purchased supplies for cash, $1,000. Paid $750 for one month’s rent on the store. Billed a client, Ultron, $1,500 for services rendered. Tony Stark received a dividend of $300.

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Answer #1
Date Account title and explanation Debit Credit
Cash $ 12,000
Office equipment $ 7,500
        Common shares $ 19,500
Supplies $ 1,000
       Cash $ 1,000
Rent expense $ 750
         Cash $ 750
Accounts receivable $ 1,500
          Service revenue $ 1,500
Dividends $ 300
          Cash $ 300
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