Reference no: EM132418903
Problem: Record each of these transactions in Journal entries and prepare the Ledger for Cash & Cash Equivalents, Accounts Receivable and Accounts Payable:
a. Jan. 1st Sunny Barcelona started the business by depositing $50,000 received from the sale of capital stock in the company bank account.
b. Jan. 22nd Purchased a building for $36,000, paying $6,000 in cash and issuing a note payable for the remaining $30,000.
c. Jan. 25th Purchased tools and equipment on account, $13,800.
d. Jan. 27th Sold some of the tools at a price equal to their cost, $1,800, collectible within 45 days.
e. Feb. 2nd Received $600 in partial collection of the account receivable from the sale of tools.
f. Feb. 7th Paid $6,800 in partial payment of an account payable.
g. Feb. 11th Received $2,200 of sales revenue in cash.
h. Feb. 2oth Purchased radio advertising from RAC105 to be aired in March. The cost was $470, payable within 30 days.
i. Jan. 22nd Purchased office equipment for $15,000 cash.
j. Jan. 26th Performed repair services and billed clients $2,000. The entire amount will not be collected until February.
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