The companys chart of accounts includes cash accounts

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Reference no: EM13591032

Prepare, in good form, journal entries for the following transactions from Buster Brown Corporation.

May 1 Stockholders invest $40,000 cash to start the business.

May 2 Purchased equipment for $100,000, paying $20,000 and signing a five-year, 6% note for the remainder.

May 3 Purchased $2,000 of paper supplies on account.

May 4 Cash received for services amounted to $5,500.

5. Paid $800 for radio advertising.

6. Paid $500 on account for paper supplies purchased on May 3rd.

7. Dividends of $200 were paid to stockholders.

8. Paid $600 for the current month's rent.

9. Received $2,000 cash advance from a customer.

10. Billed a customer for $900 for services completed.

The company's chart of accounts includes: Cash, Accounts Receivable, Paper Supplies, Equipment, Accounts Payable, Notes Payable, Unearned Revenue, Common Stock, Retained Earnings, Dividends, Service Revenue, Advertising Expense, Paper Supplies Expense, and Rent Expense.

Reference no: EM13591032

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