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Journal Entries

Prepare the journal entry to record each of the following independent transaction. (Use the number of the transaction in lieu of a date for identification purposes.)

1. Services provided on account of $1,530

2. Purchase of supplies on account for $1,365

3. Service provided for cash $750

4. Purchase of equipment for cash of $4,240

5. Issuance of a promissory note for $2,500

6. Collections on account for $890

7. Sale of capital stock in exchange foa parcel of land is appraised at $50,00

8. Payment of $4,000 in salaries and wages

9. Payment of open account in the amount of $500

Solution Preview

1.
Accounts Receivable 1,530
Service Revenue 1,530

2.
Supplies 1,365
Accounts Payable 1,365

3.
Cash ...

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$2.19