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Problem - Journal Entries
Sebastian Giavinco is the owner of Goal Services. The following transactions need to be recorded for his business during the first month of operations.
Oct 1
The owner invested money in the company
$30,000
Oct 3
Received cash for services provided
$7,800
Oct 6
Borrowed cash from the bank
$12,000
Prepaid insurance for one year
$9,600
Oct 10
Paid telephone expenses for the month with cash
$500
Oct 12
Paid interest on bank loan
$100
Oct 25
Paid a portion of bank loan principle
$1,700
Oct 28
Purchased equipment - to be paid later
$10,000
Oct 30
Paid salaries for the month with cash
$3,900
Oct 31
Adjusted prepaid insurance for one month
$800.00
Depreciation on equipment
$1,000
Required - Journalize the transactions for Goal Services. Only simple explanations are required.
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