DEVRY ACCT 216 Week 2 Homework

DEVRY ACCT 216 Week 2 Homework
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Please write a 4-6 sentence paragraph on the following question. Describe each of
the 4 basic financial statements. What is the relationship between them?
During the first month of operations (March 2011) Jerry Enterprises completed the
following selected transactions:
a. The business received $12,000 in cash and a building valued at $52,000. The
corporation issued stock to the contributors of these.
b. Borrowed $15,800 from the bank and signed a note payable to them
c. Paid $12,000 for equipment
d. Purchased supplies on account for $200
e. Paid employees’ salaries of $2,100
f. Performed services for customer on account, $2,800
g. Paid $100 of the accounts payable in transaction d above
h. Received a $800 bill for advertising expense that will be paid in the near future
i. Received cash on account, $1,600
j. Paid rent of $1,200
Required:
Prepare the journal entries for the above transactions