Can you please help me with these 3 questions?
1. Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions.
1. Received $50,000 from stockholders.
2. Purchased equipment for $75,000, paying $15,000 in cash and giving a note payable for the remainder.
3. Paid $3,000 rent for the month.
4. Recorded $12,500 of services provided on account.
- Prepare adjusting entries for the following transactions. Omit explanations.
1. Depreciation on equipment is $1,340 for the accounting period.
2. Interest owed on a loan but not paid or recorded is $275.
3. There was no beginning balance of supplies and $550 of office supplies were purchased during the period. At the end of the period $100 of supplies were on hand.
4. Prepaid rent had a $1,000 normal balance prior to adjustment. By year end $700 had expired.
5. Accrued salaries at the end of the period amounted to $900.
1. Match the statements below with the appropriate terms by entering the appropriate letter code in the spaces provided.
A. Prepaid Expenses
B. Unearned Revenues
C. Accrued Revenues
D. Accrued Expenses
____ 1. A revenue not yet recognized; collected in advance.
____ 2. An expense incurred; not yet paid or recorded.
____ 3. A revenue recognized; not yet collected or recorded.
____ 4. An expense not yet incurred; paid in advance.
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