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Basic journal entries

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Basic Journal Entries

The following transactions pertain to the Jennifer Royall Company:

Apr. 1 Jennifer Royall invested cash of $15,000 and land valued at $10,000 from into the business.

5 Provided $1,200 of services to Jason Ratchford, a client, on account.

9 Paid $250 of salaries to an employee.

14 Acquired a new computer for $3,200, on account.

20 Collected $800 from Jason Ratchford for services provided on April 5.

24 Borrowed $7,500 from BestBanc by securing a six-month loan.

Prepare journal entries (and explanations) to record the preceding transactions and events.

Reference no: EM13540036

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