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Provide journal entries for the investors contributed

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Reference no: EM132555741

Question 1: Provide journal entries for the following transactions:

  1. Investors contributed $70,000 in the business and received ordinary shares as evidence of ownership.
  2. Employee salaries of $2,000 were paid in cash.
  3. Equipment with a cost of $10,000 was purchased on credit (i.e., Accounts payable).
  4. The annual depreciation of equipment is $5,000.
  5. Interest income of $2,000 was received in cash.

Narrations are not required for the entries.

Reference no: EM132555741

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