Reference no: EM132360464

Question

Prepare the journal entries for each of the following transactions:

a) Issued common stock for $3,000 cash

b) Purchased $2,000 of equipment on credit

c) Paid $400 cash for this month's rent

d) Purchased on credit $4,000 of supplies to be used next month

e) Billed $25,000 to customers for repairs made to date

f) Paid cash for one-half of the amount owed from transaction 4

g) Collected $500 of the amount billed in transaction 5

h) Sold one-half of the equipment purchased in transaction 2, for $1,000 cash