Reference no: EM132479978

Problem 1: For each of the following five scenarios, create journal entries, and enter the following transactions assuming your accounting system uses the following accounts - Cash, Supplies, Equipment, Accounts Payable, Capital Stock, Revenue, and Wage Expense

Point 1: The sole shareholder invested $4,000 in a consulting business, by depositing cash in a company checking account, in exchange for 100 shares of capital stock.

Point 2: The business purchased $800.00 in business supplies (to be used later), paying with cash.

Point 3: The business purchased business equipment costing $3,000.00, but did not pay for it, opting instead to pay the bill within 60 days.

Point 4: The business provided consulting services to a customer, and charged a $1,000.00 fee, which was immediately paid.

Point 5: The business paid the company secretary $300.00 cash for work performed thus far.