Chapter 3, Problem 3.10MCE

Journal Entries Recorded Directly in T Accounts

Record each of the following transactions directly in T accounts using the numbers preceding the transactions to identify them in the accounts. Each account needs a separate T account.

1. Received contribution of $6,500 from each of the three principal owners of We-Go Delivery Service in exchange for shares of stock.
2. Purchased office supplies for cash of $130.
3. Purchased a van for $15,000 on an open account. The company has 25 days to pay for the van.
4. Provided delivery services to residential customers for cash of $125.
5. Billed a local business $200 for delivery services. The customer is to pay the bill within 15 days.
6. Paid the amount due on the van.
7. Received the amount due from the local business billed in (5).