Make a journal of the transactions

Reference no: EM1387307

1. The CPA invested $200,000 cash into his new firm in exchange for 200,000 shares of capital stock at $1.00 per share.

2. The CPA signed a bank note with the Bank for $100,000. The note has a 5 year term. Five equal payments of $25,709 are due on December 31 of each year. The interest rate for the note is 9%. Prepare the entries for the note along with the necessary amortization schedule. Prepare the amortization schedule for the entire term of the loan. Only book the entries for the first year of the note payable (not all 5 years).

3. The CPA, purchased office supplies for $700. The entire purchase was made on account.

4. The CPA earned $750,000 by performing accounting services for clients during 2012. Of the total service revenue earned, $250,000 consisted of cash sales. The remainder of the sales were on account.

5. The value of the office supplies on hand at the end of the year (12/31/2012) was $175.

Make a journal of the transactions, which ones will be debit and credit.

Reference no: EM1387307

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