Show me how to journalize each of transaction of the following information. May 1: Contributed $45,000 cash inexchange for common stock. May 5: Paid $1,650 monthly rent on the restaurant equipment. May 12: Purchased officesupplies on account, $1,500. May 15: Borrowed $25,000 from the bank. May 26: Paid $30,000 cash for a delivery van.May 28: Paid $1,500 on account. May 30: Revenues earned: $20, 500 in cash and $14, 500 on account. May 31: Paidcash dividends of $4,000. The business uses the following accounts: Cash; Accounts Receivable; Office Supplies;Delivery Van; Accounts Payable; Utilities Payable; Unearned Revenue; Notes Payable; Common Stock; Dividends; ServiceRevenue; Equipment Rent Expense; and Utilities Expense.

The objective of this question is to understand how to journalize each of the given transactions.…

Answered: Show me how to journalize each of…

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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