Reference no: EM132919635
Problem 1: You are the Financial Accountant of ABC Ltd which is a small manufacturing company. Prepare journal entries to record the following transactions that occurred in June 2021: (Note: explanations on journal entries are NOT required)
(a) Issued common stock for cash, $15,000
(b) Purchased merchandise inventory on account. $9,200
(c) Paid creditor for part of purchase in April 2021, $11,350
(d) Received cash from a customer for an invoice issued in May 2021, $800
(e) Purchased supplies, on account, $1,800
(f) Billed customer after delivery of goods, $950
(g) Paid salaries to employees, $2,000 (h) Paid utility bill for May 2021, $100
(i) Paid one-year premium for an insurance policy, $300
(j) Received cash in advance from a customer for goods to be delivered in July 2021, $500
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