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

Question

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

a. Received $18,000 from sale of common stock. If an amount box does not require an entry, leave it blank. b. Purchased equipWill 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 Explanations Debit Credit
a. 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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