Journalize the following business transactions in the general journal form for Chosen Company. Accounting Transactions Transactions Investors purchased 1,000 shares of common stock at $5/share from Chosen Company. 2. Purchased $3,000 of inventory on account. Purchased equipment for $10,000, paying $3,000 in cash and the rest on account. 4. Paid $3,000 on account for inventory purchased from transaction 2. No. 1. 3. Assets Cash Accounts Receivable Inventory Supplies Prepaid Insurance Equipment Building Land Accumulated Depreciation Chart of Accounts Liabilities Accounts Payable Unearned Revenue Taxes Payable Notes Payable Stockholders' Equity Common Stock Retained Earnings Service Revenue Sales Revenue Advertising Expense Utilities Expense Wages and Salaries Expense Insurance Expense Supplies Expense
Journalize the following business transactions in the general journal form for Chosen Company. Accounting Transactions Transactions Investors purchased 1,000 shares of common stock at $5/share from Chosen Company. 2. Purchased $3,000 of inventory on account. Purchased equipment for $10,000, paying $3,000 in cash and the rest on account. 4. Paid $3,000 on account for inventory purchased from transaction 2. No. 1. 3. Assets Cash Accounts Receivable Inventory Supplies Prepaid Insurance Equipment Building Land Accumulated Depreciation Chart of Accounts Liabilities Accounts Payable Unearned Revenue Taxes Payable Notes Payable Stockholders' Equity Common Stock Retained Earnings Service Revenue Sales Revenue Advertising Expense Utilities Expense Wages and Salaries Expense Insurance Expense Supplies Expense
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter15: Investments And Fair Value Accounting
Section: Chapter Questions
Problem 3PA: Forte Inc. produces and sells theater set designs and costumes. The company began operations on...
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