Question

ACCOUNTING 1A JOURNAL ENTRIES - 18 POINTS On January 1, 2019 Greg, Alice, April and Peter form GAAP Enterprises, a consulting firm assisting confused accountants in Generally Accepted Accounting Principles. On January 1, 2019 the owners of GAAP Enterprises each contribute $20,000 and are issued common stock. On December 1, 2019 GAAP Enterprises purchases $30,000 of computer equiment The company pays 20% down and finances the rest on a note payable On December 31, 2019 GAAP Enterprises receives $10.000 deport for con Services to be performed in the next accounting period REQUIRED - Use proper from to record transactions AC. The Chan of Accounts is listed below. Not all accounts will be used Account Dec Date Date Account Debit Credit Debre Account Date

Answer 1

Journal entries as per the required format of question are as below :
A)
Date	Account	Debit ($)	Credit ($)
1-Jan-19	Bank/Cash A/c	20,000
	Common Stock/Equity capital A/c		20,000
B)
Date	Account	Debit ($)	Credit ($)
1-Dec-19	Computer Equipment A/c	30,000
	Bank/Cash A/c		6,000
	Notes Payable A/c		24,000
C)
Date	Account	Debit ($)	Credit ($)
31-Dec-19	Bank/Cash A/c	10,000
	Money received in advance A/c (Liability A/c)		10,000