Record the following journal entries below. The ±rst two are done for you as examples.DateEvent1/2/2016 Amanda Smith invested $20,000 cash in capital stock of newly formed corpora²on1/4/2016 Purchased equipment on account for $15,000.
| There are two problems on this assignment. Page down further after you complete problem 1. | |||
| Problem 1 | |||
| Record the following journal entries below. The first two are done for you as examples. | |||
| Date | Event | ||
| 1/2/2016 | Amanda Smith invested $20,000 cash in capital stock of newly formed corporation | ||
| 1/4/2016 | Purchased equipment on account for $15,000. Note that when you see on account it means the customer will pay later. | ||
| 1/12/2016 | Received $30,000 from customers for services rendered. This was not previously billed to customer. | ||
| 1/15/2016 | Received a bill for construction supplies used in the amount of $4,000. | ||
| 1/18/2016 | Provided $6,400 of services on account. | ||
| 1/20/2016 | Paid employees $4,600 for wages earned. | ||
| 1/22/2016 | Collected the amount due for work provided on January 18. | ||
| 1/23/2016 | Paid the amount due on equipment purchased on January 4. | ||
| 1/25/2016 | Purchased (and used immediately) construction supplies for cash in the amount of $1,200. | ||
| 1/31/2016 | The company paid Amanda Smith a $3,000 dividend | ||
| GENERAL JOURNAL | |||
| DATE | ACCOUNT | DEBIT | CREDIT |
| 1/2/2016 | Cash | 20,000 | |
| Capital Stock | 20,000 | ||
| Issued stock to Amanda Smith for cash | |||
| 1/4/2016 | Equipment | 15,000 | |
| Accounts Payable | 15,000 | ||
| Purchased equipment on account | |||
| PROBLEM 2 | |||
| Record the following journal entries below. Hint – some transactions do not require a journal entry | |||
| Date | Event | ||
| 6/2/2015 | Jose Alvarado invested $50,000 cash in the capital stock of a new corporation | ||
| 6/3/2015 | Paid rent for June in amount of $2,000. | ||
| 6/6/2015 | Hired an assistant to be paid $6,000 per month. | ||
| 6/7/2015 | Signed contract with Alpha Company to provide services for $15,000. | ||
| 6/8/2015 | Purchased on account and immediately used $1,500 of office supplies. | ||
| 6/9/2015 | Received $5,000 from Alpha Company for services performed to date. | ||
| 6/15/2015 | Paid $2,400 travel expense associated with consultation work. | ||
| 6/16/2015 | Provided services on account to Bravo Company for $6,000. | ||
| 6/17/2015 | Paid $3,000 salary to assistant. | ||
| 6/23/2015 | Billed Charlie Company $8,000 for consulting work performed. | ||
| 6/25/2015 | Reimbursed assistant $150 for travel expenses. | ||
| 6/26/2015 | Collected the amount due from Charlie Company for June 23 work. | ||
| 6/27/2015 | Purchased office furniture for $8,000, paying $2,000 cash with balance on account. | ||
| 6/27/2015 | Paid $1500 on account for June 8 purchase. | ||
| 6/28/2015 | Completed contracted work for Alpha Company and billed remaining $10,000 on account. | ||
| 6/30/2015 | Paid assistant $3,000 salary | ||
| GENERAL JOURNAL | |||
| DATE | ACCOUNT | DEBIT | CREDIT |
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