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Prepare journal entries to record for sanchez company

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Reference no: EM13552775

Prepare journal entries to record each of the following transactions for Sanchez Company. Use the letter of the transaction in place of the date. Include an explanation for each entry.

a. Capital stock was issued for cash, USD 300,000.

b. Purchased trucks by signing a note bearing no interest, USD 210,000.

c. Earned service revenue on account, USD 4,800.

d. Collected the account receivable resulting from transaction (c), USD 4,800.

e. Paid the note payable for the trucks purchased, USD 210,000.

f. Paid utilities for the month in the amount of USD 1,800.

g. Paid salaries for the month in the amount of USD 7,500.

h. Incurred supplies expenses on account in the amount of USD 1,920.

i. Purchased another truck for cash, USD 48,000.

j. Performed delivery services on account, USD 24,000.

Reference no: EM13552775

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