Question

Week 1 Overview and Objectives Accounting Review Bookkeeping and Accounting Journal Entries and Financial Stmts Prepare the following journal entries and finish financial statements (Income statement and Balance sheet) • An investor gave us $3,000 in exchange common stock • Bought a Mac Book Air ($1,450) at the Apple Store • Paid Office Rent ($1,500) for three months • Received $1,800 for services provided • Asked for a $5,000 loan at J.P. Morgan Chase, got approved. • Performed services, bill was for $1,200, received $500 cash • Paid Rosalia $350 wage • Bought $200 office supplies at Office Max • Gas and Water bill ($90.00) due next month QuickBooks Online Account Caaaaaiaithaalaalinaika ch DELL * F5 F6 FB F9 Pry F10 F11 F12 Y

Answer 1

The journal entries will be passed in the books and the balances will be transfered to the balance sheet and the income statement accordingly.
(In In $ ) 022 Cash To (bening All a Share share 203000 Capital on issued to 3000 Investor) $ 1450 2 Mee Book (Asset) Dr $1450 62 who To Cash (being Mec Bok Purchased) office Reut All in $ 1500 Sr To Cash All w e (being affice Reut Paid ) Cash All ar $ 1800 To Service Revenue (being Service Revenue Read) Cash All a $ 5000 To Mortgage Loan (being Loan Recerred) $ 1800 $ sooo Cash Ale Dr $500 Account Recireble for $700. To Service Revenue (bening Serocces foorded) $1200

I wages Allah $350 To Cosh ALL $350 (bening wages if Paid). affice Supplies Dr $200. PiTo Cash 12H (bening office Supplies furehosed) 2 Ces & Water Biell $90 To ols Cus & weler bill. $90 (bein Ceas & arter bill incurred |