Answer:
Ryan Olson
General Journal
a.
Cash $31,500 (debit)
Common Stock $31,500 (credit)
<em>Received Cash in Exchange of Common Stock</em>
b.
Cash $48,000 (debit)
Note Payable $48,000 (credit)
<em>Received Cash from Bank Loan</em>
c.
Prepaid Insurance $3,900 (debit)
Cash $3,900 (credit)
<em>Paid Fire Insurance Policy in advance</em>
d.
Furniture $31,800 (debit)
Account Payable $31,800 (credit)
<em>Purchased Furniture on credit</em>
e.
Advertising Expense $260(debit)
Cash $260 (credit)
<em>Paid Advertising Expenses</em>
f.
Cash $685 (debit)
Service Revenue $685 (credit)
<em>Received Cash from Service Rendered</em>
g.
Account Payable $31,800 (debit)
Cash $31,800 (credit)
<em>Made Payment to Furniture Supplier</em>
Explanation:
See the Journal Entries and Narrations that prepared above.
