The following transactions occurred at the Daisy King Ice Cream Company. Started business by issuing 10,000 shares of common stock for $32,000. Leased a building for three years at $620 per month and paid six months' rent in advance. Purchased equipment by signing a note with the bank for $6,600. Purchased $3,000 of supplies on account. Recorded cash sales of $2,000 for the first week. Paid weekly salaries, $920. Paid for supplies purchased in item (4). Recorded depreciation on equipment, $80. Required: Prepare journal entries to record each of the transactions listed above. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account fiel
The following transactions occurred at the Daisy King Ice Cream Company. Started business by issuing 10,000 shares of common stock for $32,000. Leased a building for three years at $620 per month and paid six months' rent in advance. Purchased equipment by signing a note with the bank for $6,600. Purchased $3,000 of supplies on account. Recorded cash sales of $2,000 for the first week. Paid weekly salaries, $920. Paid for supplies purchased in item (4). Recorded depreciation on equipment, $80. Required: Prepare journal entries to record each of the transactions listed above. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account fiel
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following transactions occurred at the Daisy King Ice Cream Company.
- Started business by issuing 10,000 shares of common stock for $32,000.
- Leased a building for three years at $620 per month and paid six months' rent in advance.
- Purchased equipment by signing a note with the bank for $6,600.
- Purchased $3,000 of supplies on account.
- Recorded cash sales of $2,000 for the first week.
- Paid weekly salaries, $920.
- Paid for supplies purchased in item (4).
- Recorded
depreciation on equipment, $80.
Required:
Prepare journal entries to record each of the transactions listed above.
Note: If no entry is required for a transaction/event, select "No
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