Monroe Company rents and sells electronic equipment. During September, Monroe engaged in the transactions described below. Sept. 5 Purchased a Chevrolet truck for $38,900 cash. 8 Purchased inventory for $4,200 on account. 10 Purchased $1,250 of office supplies on credit. 11 Rented sound equipment to a traveling stage play for $13,600. The producer of the play paid for the service at the time it was provided. 12 Rented sound equipment and lights to a local student organization for a school dance for $2,400. The student organization will pay for services within 30 days. 18 Paid employee wages of $4,750 that have been earned during September. 22 Collected the receivable from the September 12 transaction. 23 Borrowed $20,000 cash from a bank on a 3-year note payable. 28 Issued common stock to new stockholders for $35,000. 30 Paid a $3,250 cash dividend to stockholders. Prepare a journal entry for each transaction.
Monroe Company rents and sells electronic equipment. During September, Monroe engaged in the transactions described below.
Sept. 5 Purchased a Chevrolet truck for $38,900 cash.
8 Purchased inventory for $4,200 on account.
10 Purchased $1,250 of office supplies on credit.
11 Rented sound equipment to a traveling stage play for $13,600. The producer of the play paid for the service at the time it was provided.
12 Rented sound equipment and lights to a local student organization for a school dance for $2,400. The student organization will pay for services within 30 days.
18 Paid employee wages of $4,750 that have been earned during September.
22 Collected the receivable from the September 12 transaction.
23 Borrowed $20,000 cash from a bank on a 3-year note payable.
28 Issued common stock to new stockholders for $35,000.
30 Paid a $3,250 cash dividend to stockholders.
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