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Write entry for the issuance of common stock

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Reference no: EM132485686

The following events apply to Gulf Seafood for the Year 1 fiscal year:

Point 1: The company started when it acquired $60,000 cash by issuing common stock.

Point 2: Purchased a new cooktop that cost $40,000 cash.

Point 3: Earned $72,000 in cash revenue.

Point 4: Paid $25,000 cash for salaries expense.

Point 5: Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of four years and an estimated salvage value of $4,000. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1.

Show the Journal entry for the following.

Question a. Write entry for the issuance of common stock

Question b. write purchase of equipment for cash.

Question c. Write cash received from revenue.

Question d. write cash paid for salaries expenses.

Question e. write depreciation expense.

Reference no: EM132485686

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