Question

The following transactions occurred during the first year of operations for Cougar Corp. for each transaction...

The following transactions occurred during the first year of operations for Cougar Corp. for each transaction prepare the journal entry. Note: these are NOT adjusting entries.

a. Cougar Corp. sold shares of its common stock for $73,000 cash.

b. Cougar Corp. purchased land for $27,000 cash. The market value of the land was $29,500.

c. Cougar Corp. paid employees salaries of $4,750 cash.

d. Cougar Corp. collected cash of $3,416 for services performed.

e. Cougar Corp. purchased $590 of office supplies on account.

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Answer #1

Required journal entries are:

S. No. General Journal Debit Credit
a. Cash $73000
Common stock $73000
(for common stock issued for cash)
b. Land $27000
Cash $27000
(for land purchased for cash)
c. Salaries $4750
Cash $4750
(for salaries paid)
d. Cash $3416
Service revenue $3416
(for cash received against services provided)
e. Office equipment $590
Accounts payable - Office equipment $590
(for office equipment purchased)
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