Prepare compound journal entries for each transaction. a. The owner, J. Cruz, invests $12,500 cash and $9,500 of equipment in the company. b. The company acquires $8,000 of supplies by paying $1,700 cash and putting $6,300 on credit (accounts payable). View transaction list Journal entry worksheet The owner, J. Cruz, invests $12,500 cash and $9,500 of equipment in the company. Note: Enter debits before credits. Transaction General Journal Debit Credit а. Record entry Clear entry View genera
Prepare compound journal entries for each transaction. a. The owner, J. Cruz, invests $12,500 cash and $9,500 of equipment in the company. b. The company acquires $8,000 of supplies by paying $1,700 cash and putting $6,300 on credit (accounts payable). View transaction list Journal entry worksheet The owner, J. Cruz, invests $12,500 cash and $9,500 of equipment in the company. Note: Enter debits before credits. Transaction General Journal Debit Credit а. Record entry Clear entry View genera
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Enter all the stuff in the general journal

Transcribed Image Text:Prepare compound journal entries for each transaction.
a. The owner, J. Cruz, invests $12,500 cash and $9,500 of
equipment in the company.
b. The company acquires $8,000 of supplies by paying
$1,700 cash and putting $6,300 on credit (accounts
payable).
View transaction list
Journal entry worksheet
1
2
The owner, J. Cruz, invests $12,500 cash and $9,500 of equipment in the
company.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
а.
Record entry
Clear entry
View genera

Transcribed Image Text:Prepare compound journal entries for each transaction.
a. The owner, J. Cruz, invests $12,500 cash and $9,500 of
equipment in the company.
b. The company acquires $8,000 of supplies by paying
$1,700 cash and putting $6,300 on credit (accounts
payable).
View transaction list
Journal entry worksheet
1
2
The company acquires $8,000 of supplies by paying $1,700 cash and putting
$6,300 on credit (accounts payable).
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
b.
Record entry
Clear entry
View genera
Expert Solution

Step 1
>Accounting cycle is the flow or steps carried out to complete the accounting process. These are as follows, in order: |
#1: Journal entries |
#2: Ledger posting |
#3: Unadjusted Trial Balance |
#4: Adjustment entries and posting |
#5: Adjusted trial balance |
#6: Income Statement |
#7: Balance Sheet |
#8: Closing entries |
#9: Post Closing trial balance |
>Transactions are recorded in journal entry and then posted to accounts accordingly.
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