In the space provided, for each transaction, write out each…
In the space provided, for each transaction, write out each journal entry using the format in the example. (Dollar signs are not required.)Account names do not have to be perfect. Be sure to use specific descriptors. For example if you were to use the word Insurance, that could be either Insurance expense, Prepaid Insurance, or Insurance Liability. Be specific.Example: a. The company paid $400 for office supplies.a. Office Supplies Expense 400 Cash 400Record the following transactions:a. Issue 600 shares of $10 par value stock for $8,000b. Recognized $13,000 of depreciation on equipmentc. Paid $500 for business licensing fees.d. Collected $8,000 in cash from customer on account.e. Paid $25,000 cash to purchase the rights to a patent from another company.f. Received a utility bill of $2,000. The amount is for the current month and will be paid by the 10th of the next month.g. Sold inventory on account for $5,000.
Read Details