Question

(The following information applies to the questions displayed below) Green Wave Company plans to own and operate a storage rental facility. For the first month of operations, the company has the following transactions. 1. January 1 Issue 10,000 shares of common stock in exchange for $26,000 in cash 2. January 5 Purchase land for $16,000. A note payable is signed for the full amount. 3. January 9 Purchase storage container equipment for $7,400 cash. 4. January 12 Hire three employees for $1,400 per month 5. January 18 Receive cash of $11,400 in rental fees for the current month. 6. January 23 Purchase office supplies for $1,400 on account 7. January 31 Pay employees $4,200 for the first month's salaries value 0.78 points

Answer 1

Transaction	General Journal	Debit	Credit
1	Cash	$26,000
	Common stock		$26,000
	( To record issue shares of common stock)
2	Land	$16,000
	Note payable		$16,000
	( To record purchase of land)
3	Equipment	$7,400
	Cash		$7,400
	( To record purchase of equipment)
4	No Entry
5	Cash	$11,400
	Rental fee revenue		$11,400
	( To record rental fee revenue)
6	Supplies	$1,400
	Accounts payable		$1,400
	( To record supplies)
7	Salaries expense	$4,200
	Cash		$4,200
	( To record salaries expense)

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