## Question

###### Will upvote! a. Received $18,000 from sale of common stock. If an amount box does not...

Will upvote!

a. Received $18,000 from sale of common stock. If an amount box does not require an entry, leave it blank. b. Purchased equipment for $27,000, paying $10,000 in cash and giving a note payable for the remainder. If an amount box does not require an entry, leave it blank. Paid $2,300 for rent for April. If an amount box does not require an entry, leave it blank. d. Purchased $1,500 of supplies on account. If an amount box does not require an entry, leave it blank. e. Recorded $9,800 of fees earned on account. If an amount box does not require an entry, leave it blank. f. Received $7,500 in cash for fees earned. If an amount box does not require an entry, leave it blank. g. Paid $1,200 to creditors on account. If an amount box does not require an entry, leave it blank.

## Answers

No.Account titles and ExplanationsDebitCredita.Cash $ 18,000 Common Stock $ 18,000 (To record the Cash from sale of Stock ) b.Equipment $ 27,000 Cash $ 10,000 Notes Payable - Bal. Fig. $ 17,000 (To record the Purchase of Equipment ) c.Rent $ 2,300 Cash $ 2,300 (To record the rent paid ) d.Supplies $ 1,500 Accounts payable $ 1,500 (To record the Purchase of Supplies on account ) e.Accounts Receivable $ 9,800 Fees Revenue $ 9,800 (To record the fees earned on account ) f.Cash $ 7,500 Fees Revenue $ 7,500 (To record the fees earned in Cash ) g.Accounts payable $ 1,200 Cash $ 1,200 (To record the payment to creditors on account )

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