3. Record journal entries for each of the following transactions for MM Corporation:a. MM Corp. provided services to customers on account for $50,000b. MM received $42,000 in cash from customers who had previously purchased goods onaccountc. MM paid $5,000 in cash for their utilities in the current monthd. MM purchased $2,000 of inventory on accounte. MM provided consulting services for $17,000 in cashf. MM paid $2,000 for business insurance that will cover the next two yearsg. MM bought a new delivery truck for $500h.MM paid a cash dividend of $1,000i. MM paid $4,000 in salary to its employeesj.MM issued common stock in exchange for $1,000k. MM repaid $3,000 worth of loans1. MM pays $4,000 to its supplier for inventory previously purchasedm. MM's employees earned $5,000 this week. MM paid them $2,000 in cash and promisedto past the remainder at the end of the month.

Journal entry is the primary method of recording the transactions in the books of accounts based on…

Answered: 1. MM pays $4,000 to its supplier for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. MM pays $4,000 to its supplier for inventory previously purchased m. MM's employees earned $5,000 this week. MM paid them $2,000 in cash and promised to past the remainder at the end of the month.