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Question - 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.
Common stock balance sheet disclosure
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