Problem 1 - Record the following journal entries below.
Date Event
1/2/2016 Amanda Smith invested $20,000 cash in capital stock of newly formed corporation
1/4/2016 Purchased equipment on account for $15,000. Note that when you see on account it means the customer will pay later.
1/12/2016 Received $30,000 from customers for services rendered. This was not previously billed to customer.
1/15/2016 Received a bill for construction supplies used in the amount of $4,000.
1/18/2016 Provided $6,400 of services on account.
1/20/2016 Paid employees $4,600 for wages earned.
1/22/2016 Collected the amount due for work provided on January 18.
1/23/2016 Paid the amount due on equipment purchased on January 4.
1/25/2016 Purchased (and used immediately) construction supplies for cash in the amount of $1,200.
1/31/2016 The company paid Amanda Smith a $3,000 dividend
PROBLEM 2 - Record the following journal entries below. Hint - some transactions do not require a journal entry
Date Event
6/2/2015 Jose Alvarado invested $50,000 cash in the capital stock of a new corporation
6/3/2015 Paid rent for June in amount of $2,000.
6/6/2015 Hired an assistant to be paid $6,000 per month.
6/7/2015 Signed contract with Alpha Company to provide services for $15,000.
6/8/2015 Purchased on account and immediately used $1,500 of office supplies.
6/9/2015 Received $5,000 from Alpha Company for services performed to date.
6/15/2015 Paid $2,400 travel expense associated with consultation work.
6/16/2015 Provided services on account to Bravo Company for $6,000.
6/17/2015 Paid $3,000 salary to assistant.
6/23/2015 Billed Charlie Company $8,000 for consulting work performed.
6/25/2015 Reimbursed assistant $150 for travel expenses.
6/26/2015 Collected the amount due from Charlie Company for June 23 work.
6/27/2015 Purchased office furniture for $8,000, paying $2,000 cash with balance on account.
6/27/2015 Paid $1500 on account for June 8 purchase.
6/28/2015 Completed contracted work for Alpha Company and billed remaining $10,000 on account.
6/30/2015 Paid assistant $3,000 salary