Question

Question 14 Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 1. Owner invested $62,500 in exchange for common stock of the corporation. 2. Hired an employee to be paid $300 per week, starting tomorrow. 3. Paid two years’ rent in advance, $7,600. 4. Paid the worker’s weekly wage. 5. Recorded service revenue earned and received for the week, $2,100. No. Account Titles and Explanation Debit Credit 1. enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 2. enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 3. enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 4. enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 5. enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount.

Answer 1

Credit Debit $62,500 $62,500 No Account titles and Explanation 1 Cash Common Stock 2 No Journal entry 3 Prepaid Rent Cash 4 Salaries and Wages Expense Cash 5 Cash Service Revenue $ 7,600 $ 7,600 $ 300 $ 300 $ 2,100 $ 2,100