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Prepare journal entries to record transactions

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Reference no: EM132859241

Question - The following transactions occurred at the Daisy King Ice Cream Company.

1. Started business by issuing 10,000 shares of common stock for $21,000.

2. Leased a building for three years at $510 per month and paid six months' rent in advance.

3. Purchased equipment for $5,500, signing a two-year, 12% note.

4. Purchased $1,900 of supplies on account.

5. Recorded cash sales of $900 for the first week.

6. Paid weekly salaries, $370.

7. Paid for supplies purchased in item (4).

8. Recorded depreciation on equipment, $60.

Required - Prepare journal entries to record each of the transactions listed above.

Reference no: EM132859241

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