Prepare journal entries without explanations

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Question - In the journal provided, prepare journal entries without explanations for the following transactions. Write "no entry" if none is needed.

a. Received a $1,000 invoice for this month's electricity. Payment will be made in 2 weeks.

b. Paid $1,200 for insurance premiums to cover the next six months.

c. The owner, Heidi Shop, withdrew $700.

d. The utility bill from part "a" is paid.

e. Purchased land for $50,000. The company paid half in cash and issued a promissory note for the other half.

Reference no: EM132754700

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