Test_ - Bob Smith Incorporated Journal Entries 1/1/07 Cash...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Bob Smith Incorporated Journal Entries 1/1/07 Cash 150,000 Common stock 150,000 To record investment by owners 1/5/07 Equipment 40,000 Note Payable 40,000 To record purchase of equipment by signing a 60 day note @ 6% 1/6/07 Prepaid rent 3,600 Cash 3,600 To record payment of one year’s rent in advance 1/15/07 Electric utility expense 295 Cash 295 To record payment of electric bill. 1/20/07 Accounts receivable 145,000 Cash 100,000 Service revenue 245,000 To record service revenues earned. 1/31/07 Wages expense 50,000 Cash 50,000 To record payment of wages for the month of January. 2/5/07 Supplies 1,600 Account payable 1,600 To record purchase of supplies 2/9/07 24,000 Cash 24,000 To record employee wages 2/10/07 Cash 82,000 Accounts receivable 82,000 To record collection of receivables 2/15/07 Telephone expense 240 Cash 240 2/15/07 Electric utility expense 310 Cash 310 To record the payment of electric bill. 2/28/07
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/07/2008 for the course COB 241 taught by Professor Manktalow during the Spring '08 term at James Madison University.

Page1 / 4

Test_ - Bob Smith Incorporated Journal Entries 1/1/07 Cash...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online