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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.
Set 5
Question 12. Question : (TCOs B and D) 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.
(1) Investors invest $300,000 in exchange for 30,000 shares of common
stock.
(2) Company made payment on account for $500.
(3) Employees work Monday through Friday and are paid on Friday.
Salary expense is $20,000 per day, and December 31 falls on a Tuesday.
(4) Company purchased Supplies for $2,000.
(5) The company needs to record Supplies used for $500.
Question 3
.The following items are taken from the financial statements of BGS
Company for 2012:
Cash $500,000
Accounts Receivable 200,000
Supplies 70,000
Accounts Payable 147,300
Unearned Service Revenue 18,000
Equipment, net of accumulated depreciation 212,000
Common Stock 500,000
Retained Earnings 12/31/2011 78,300
Long-term debt 142,400
Service revenue 240,000