Accounting

posted by .

Please prepare the following journal entries. Indicate which account should be debited and which account should be credited along with the dollar amount of the debit and credit.

a) Investors invested $100,000 in exchange for 10,000 shares of common stock.
b) Company paid a utility bill for $600
c) Company received cash of $15,000 for services performed
d) Company made payment on account for $1,000
e) Company received $12,000 for services not yet performed

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Accounting

    For my assignment I was asked to complete a journal for the Portand After School Program. I have completed it, but I know I did something wrong because when I try to do the second part which is a trial balance it is not balancing out …
  2. Principles of Accounting

    E2-2 Selected transactions for D. Reyes, Inc., an interior decorating firm, in its first month of business, are as follows. Jan. 2 Invested $10,000 cash in the business in exchange for common stock. 3 Purchased used car for $4,000 …
  3. accounting

    Mr. and Mrs. Garcia have a total of $ 100,000 to be invested in stocks, bonds, and a money market account.The stocks have a rate of return of 12%/ year, while the bonds and the money market account pay 8% and 4%/ year, respec-tively. …
  4. Principles of Accoun ting

    I have to figure out what basic type of account debited and credited, the specific account, whether the account is increased or decreased, and the normal balance of the specific account. This is the transaction. Purchased used car …
  5. accounting

    From the following transactions, state which account will be debited and which account will be credited by filling up the appropriate boxes. S.No. Transactions Accounts involved Application Reason with respect to Rules of Debit and …
  6. accounting

    from the following transactions state which account will be debited and which will be credited by filling up. S.No. Transactions Accounts involved Application Reason with respect to Rules of Debit and credit Sample Example Mr. X started …
  7. accounting

    transactions 1.bought machinery for cash rs.50,000 2.payment made to XYZ store rs.10,000by cheque 3.Purchased office furniture on credit for rs.15,000 4.Rs. 1,000 received as a rent for the portion of office building rented out 5.Paid …
  8. accounting

    From the following transactions, state which account will be debited and which account will be credited by filling up the appropriate boxes. S.No. Transactions Accounts involved Application Reason with respect to Rules of Debit and …
  9. accounting

    Wilson Reed, the bookkeeper for Home Interior Improvements and Designs Company, has just finished posting the closing entries for the year to the ledger. He is concerned about the following balances: Capital account balance in the …
  10. accounting

    Andy, an inexperienced accountant, had to account for his company's purchase of a motorcar on credit. Unsure of the correct accounting entries, Andy debited the supplier's account and credited the motor expenses account. Was Andy correct?

More Similar Questions