Indicate which account should be debited and which account

by | Mar 18, 2020 | Uncategorized

  

(TCOs E and F) Please prepare the following journal entries. Indicate which account should be debited and which account should be credited, along with the dollar amount of the debit and credit.

(1) Investors invest $70,000 in exchange for 1,000 shares of common stock.
(2) Company paid a utility bill for $2,000.
(3) The unadjusted balance of the Supplies account is $5,200 and the total cost of supplies on hand is $4,000.
(4) Company received $5,000 for services performed.
(5) The company needs to record $15,000 for depreciation. (Points : 30)

  

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