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Need help on journal entries
Transaction 1 On January 1, In-N-Out received $150,000 cash from an investor and the business issued Common Stock to the investor. Transaction 2 On January 3, In-N-Out paid $67,000 cash for a new equipment. Transaction 3 On January 5, In-N-Out purchased supplies for their new store in the amount of $16.250 in cash. Transaction 4 On January 9, In-N-Out sold $12,450 in hamburgers, fries, and drinks during the day. They received cash for the sales of those items. On January 15, In-N-Out sold $15,000 in gift cards to American Airlines on account. Note: No cash was exchanged. Transaction 5 3 Page
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Answer #1
Transaction Date General Journal Debit Credit
1 Jan. 1 Cash 150000
Common stock 150000
(To record issue of common stock for cash)
2 Jan. 3 Equipment 67000
Cash 67000
(To record purchase of equipment for cash)
3 Jan. 5 Supplies 16250
Cash 16250
(To record purchase of supplies for cash)
4 Jan. 9 Cash 12450
Sales revenue 12450
(To record cash sales)
5 Jan. 15 Accounts receivable 15000
Gift cards liability 15000
(To record sale of gift cards on account)
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