Solution-Prepare General Journal in Standard Form

Prepare General Journal in Standard Form

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Reference no: EM132562236

Question - The McMillan Corporation started business on September 2, 2019. The company engaged in the following transactions during its first month of operations:

Sept. 2: Started business for $900,000 cash by owner's investment.

Sept. 4: Purchased land and a building for $350,000. The value of the land was $50,000, and the value of the building was $300,000. The company paid $200,000 cash and issued a note payable for the balance.

Sept. 12: Purchased office supplies for $600 on account. The supplies will last for several months.

Sept. 19: Billed clients $75,000 on account. (To be received in Two Weeks)

Sept. 29: Paid salary expense of $24,000.

Sept. 30: Received $30,000 from clients billed on September 19. Required:

Required -

1. Prepare General Journal in Standard Form.

2. Make General Ledger and Trial Balance.

Reference no: EM132562236

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Prepare General Journal in Standard Form

Reference no: EM132562236

Reference no: EM132562236

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