Solution-Prepare journal entries to record the preceding

Prepare journal entries to record the preceding transactions

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Reference no: EM13552457

Basic journal entries

The following transactions pertain to the Jennifer Royall Company:

Apr. 1 Received cash of $15,000 and land valued at $10,000 from Jennifer Royall as an investment in the business.

5 Provided $1,200 of services to Jason Ratchford, a client. Ratchford agreed to pay $800 in 15 days and the remaining amount in May.

9 Paid $250 of salaries to an employee.

14 Acquired a new computer for $3,200; Royall will pay the dealer in May.

20 Collected $800 from Jason Ratchford for services provided on April 5.

24 Borrowed $7,500 from BestBanc by securing a six-month loan.

Prepare journal entries (and explanations) to record the preceding transactions and events.

Reference no: EM13552457

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Prepare journal entries to record the preceding transactions

Reference no: EM13552457

Reference no: EM13552457

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