Reference no: EM132918301
Question - Record the following Journal entries for year 1:
a. The corporation sells $55,000 of stock (1,000 shares).
b. The corporation pays $6,000 for a six-year lease.
c. The corporation purchases $1,700 of supplies for cash.
d. The corporation buys $10,600 of inventory on account.
e. The corporation buys $5,000 of equipment for $3,000 cash and $2,000 notes payable.
f. The corporation pays the vendor bill in (d).
g. The corporation buys $4,500 of inventory on account again.
h. The corporation pays the stockholders $3,000 for dividends.
i. The corporation has cash sales of $18,000 and credit sales of $2,000. The inventory cost is $9,000.
j. The corporation pays $200 for consulting expense.
k. The corporation pays $300 for advertising expense.
l. The corporation pays $2,200 for salaries expense.
m. The corporation pays $250 for utilities expense.
n. The corporation has $700 of supplies left.
o. The corporation used one year of the lease.
p. The equipment "wore out" by $500.
q. The corporation owes (hasn't paid yet) interest of $100 for the notes payable.
r. The company is in a 10% tax bracket and accrues now for taxes it will pay later.
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