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ACG 3113 Practice Set 2 The Gremlin Ice Cream Company started business July 1, 2000. Gremlin uses the perpetual inventory system. Required: Using...

what are the journal entry for july 1, 2000 of Common stock?

ACG 3113 Practice Set 2 The Gremlin Ice Cream Company started business July 1, 2000. Gremlin uses the perpetual inventory system. Required: Using Excel, prepare general journal entries in good form for only the transactions listed below (Explanations are not necessary): July 1 2000 Issued 5,000 shares of $10 par value common stock for $89,000 cash. July 1 Rented building space, paying six month’s rent of $18,000 in advance. (Use a nominal or temporary account for the building rent). July 6 Rented equipment at a cost of $600 per month, paying $2,400 upon signing the rental agreement. (Use a real or permanent account for the equipment rental) July 7 Purchased ice cream on account for $2,500. July 8 Purchased supplies on account for $600. (Use a nominal or temporary account for the supplies) July 12 Recorded cash sales in the amount of $2,200. The ice cream sold cost $700. July 14 Paid wages of $1,000. July 15 Paid two-year insurance premium of $2,600. (Use a nominal or temporary account for the insurance). The insurance is effective today. July 16 Recorded sales on account of $2,200. The ice cream sold cost $575. July 17 Paid for the ice cream purchased on the 7 th and the supplies purchased on the 8th. July 18 Purchased store equipment for $20,000. Paid $6,000 in cash and signed a 2-year 10% Note for the remainder. July 21 Received an invoice for the month’s utilities of $275. The bill is due on August 12 th and will be paid then. July 27 Received a cash payment of $2,200 for goods sold on account on July 16. July 31 Recorded depreciation expense of $50 for the month on the store equipment purchased on July 18 th .
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