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Great Gardens, Inc - Journal Entries




4) Great Gardens, Inc., had the following transactions during its first month of operations;May 1 Great Gardens received $20,000 cash and issued common stock to the stockholders.;May 1 Paid the May rent, $1,000.;May 3 Purchased equipment on account for $6,000.;May 5 Purchased gardening supplies for $2,000 on account.;May 8 Performed services for a client and received cash of $1,800.;May 12 Performed services for a client and billed the customer $12,200. The customer promised to pay within 10 days.;May 15 Paid for the equipment purchased May 3 on account.;May 22 Received payment from a customer on account, $12,200.;May 28 Borrowed $20,000 from First National Bank for business use.;May 30 Paid the employee salaries of $3,000 for the month.;May 31 Paid the utility bill of $800.;Required: Record the transactions of the business in a journal. Include an explanation for each entry. (22 points)


Paper#79452 | Written in 18-Jul-2015

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