Journalize the tRansactions Grey Star Mutual Inc was started by A. Pimento on July 1, 2024. The following events antransactions took place during the month of July:July:1: Stockholders invested $50,000 cash in exchange for common stock1: Paid $4,800 in cash for rent for the period July 1, 2024 - June 30, 20254: Purchased office furniture for $4,200 cash4: Purchased supplies for $1,000 cash8: Incurred advertising expense of $3,500 on account10: Received $6,000 in service revenue15: Hired an employee, with a salary of $3,000 per month. The employee will be paid everother Friday15: Receives $2,000 from a client for services for the period July 16th through September 117: Declared and paid a $1,400 cash dividend26: Paid employee's salary of $1,50029: Paid $1,000 of the balance owed for advertising incurred on July 8th

July 1: Stockholders invested $50,000 cash in exchange for common stock.Step 1: The company receives…

Answered: Grey Star Mutual Inc was started by A.…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 11PB: Prepare journal entries to record the following transactions that occurred in April: A. on first day...

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On January 1, Ivanhoe Corporation had 62,000 common shares issued. During the year, the following transactions occurred. Apr. 1 Issued 8,700 additional common shares for $66 cash per share. June 15 July 10 Dec. 1 Dec. 15 Prepare the entries, if any, at each of the above dates. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Apr. 1 June 15 June 30 Declared a cash dividend of $1.50 per share to common shareholders of record on June 30, payable on July 10. Paid the $1.50 cash dividend. Issued 4,100 additional common shares for $67 per share. Declared a cash dividend of $1.75 per share to common shareholders of record on December 31, payable January 10. July 10 Account Titles and Explanation Cash Common Shares Debit 574200
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