Question

Journalizing Transactions Monroe Company rents and sells electronic equipment. During September, Monroe engaged in the transactions described below. Sept. 5 Purchased a Chevrolet truck for $44,300 cash. 8 Purchased inventory for $3,600 on account. 10 Purchased $1,400 of office supplies on credit. 11 Rented sound equipment to a traveling stage play for $12,800. The producer of the play paid for the service at the time it was provided. 12 Rented sound equipment and lights to a local student organization for a school dance for $3,200. The student organization will pay for services within 30 days. 18 Paid employee wages of $4,170 that have been earned during September. 22 Collected the receivable from the September 12 transaction. 23 Borrowed $14,100 cash from a bank on a 3-year note payable. 28 Issued common stock to new stockholders for $40,000. 30 Paid a $4,350 cash dividend to stockholders.
Required: Prepare a journal entry for each transaction. Sept. 5 (Record purchase of truck) 8 (Record purchase of Inventory on account) 10 (Record purchase of supplies on account) 11 (Record performance of services) 12 (Record performance of services on account) 18 (Record payment of wages) 22 (Record collection of cash on account) 23 (Record borrowing of cash) 28 (Record issuance of common stock) 30 (Declared and paid cash dividend)

Answer 1

Answer:

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Explanation:

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