In the journal provided,prepare journal entries (in good form)for the following transactions.If no entry is required,write "no entry." Omit explanations.
May 1 Investors opened a dry cleaning service, called Junction Cleaners, by depositing $ \$ 100,000 $ into a business bank account and receiving 50,000 shares of $ \$ 2 $ par value stock in exchange.
3 Paid two years' rent in advance, $ \$ 11,200 $.
6 Purchased dry cleaning equipment for $ \$ 36,000 $. Paid $ \$ 14,000 $ in cash, the remainder to be paid in two weeks.
10 Hired a worker, to be paid $ \$ 550 $ per week.
17 Paid the worker's weekly wage.
17 Recorded cash received for services rendered during the week, $ \$ 5,000 $.
20 Paid for the remainder of the equipment purchased on May 6.
21 Received $ \$ 240 $ in advance of cleaning and boxing a wedding gown.
23 Performed $ \$ 390 $ of dry cleaning services for Tuxedos Unlimited. It will remit payment in three days.
24 Paid the weekly wages.
26 Received payment from Tuxedos Unlimited.
30 Received a telephone bill for $ \$ 114 $, which will be paid in two weeks.

Question

In the journal provided,prepare journal entries (in good form)for the following transactions.If no entry is required,write "no entry." Omit explanations.
 May 1 Investors opened a dry cleaning service, called Junction Cleaners, by depositing $ \$ 100,000 $ into a business bank account and receiving 50,000 shares of $ \$ 2 $ par value stock in exchange.
3 Paid two years' rent in advance, $ \$ 11,200 $.
6 Purchased dry cleaning equipment for $ \$ 36,000 $. Paid $ \$ 14,000 $ in cash, the remainder to be paid in two weeks.
10 Hired a worker, to be paid $ \$ 550 $ per week.
17 Paid the worker's weekly wage.
17 Recorded cash received for services rendered during the week, $ \$ 5,000 $.
20 Paid for the remainder of the equipment purchased on May 6.
21 Received $ \$ 240 $ in advance of cleaning and boxing a wedding gown.
23 Performed $ \$ 390 $ of dry cleaning services for Tuxedos Unlimited. It will remit payment in three days.
24 Paid the weekly wages.
26 Received payment from Tuxedos Unlimited.
30 Received a telephone bill for $ \$ 114 $, which will be paid in two weeks.

Quizplus · Accepted Answer

The Answer of In the journal provided,prepare journal entries (in good form)for the following transactions.If no entry is required,write "no entry." Omit explanations.
 May 1 Investors opened a dry cleaning service, called Junction Cleaners, by depositing $ \$ 100,000 $ into a business bank account and receiving 50,000 shares of $ \$ 2 $ par value stock in exchange.
3 Paid two years' rent in advance, $ \$ 11,200 $.
6 Purchased dry cleaning equipment for $ \$ 36,000 $. Paid $ \$ 14,000 $ in cash, the remainder to be paid in two weeks.
10 Hired a worker, to be paid $ \$ 550 $ per week.
17 Paid the worker's weekly wage.
17 Recorded cash received for services rendered during the week, $ \$ 5,000 $.
20 Paid for the remainder of the equipment purchased on May 6.
21 Received $ \$ 240 $ in advance of cleaning and boxing a wedding gown.
23 Performed $ \$ 390 $ of dry cleaning services for Tuxedos Unlimited. It will remit payment in three days.
24 Paid the weekly wages.
26 Received payment from Tuxedos Unlimited.
30 Received a telephone bill for $ \$ 114 $, which will be paid in two weeks.

In the Journal Provided,prepare Journal Entries (In Good Form)for the Following