Homework Soursea issued 2600shares of 001 par value common stock to investo
a- issued 2,600shares of $0.01 par value common stock to investors fr cash at$26 per share rent of a d. Paid $2,400 for a h. Sold caps L. Made full payment for the furnituare and fotures J Received $280 from a customer on account on account in (e) entry required\" in the first account field.) Journal entry worksheet Record issue of 2,600 shares of $.01 par value common stock to investors for cash at $26 per share 
Solution
Journal Entries Date Account Title and explanation Debit Credit Cash $ 67,600 1 To Share Capital - Common (260 Shares X $ 0.01 per shares) $ 26.00 To Additional Paid in Capital - Excess of Par (1030 Shares X $ 24) $ 67,574.00 (To Record the issuance of new shares) 2 Cash $ 62,000 To Short Tern Borrowing $ 62,000 (to Record the loan taken from bank) 3 Rent $ 1,400 Prepaid rent $ 1,400 To Cash $ 2,800 (Record the payment of rent) 4 Prepaid insurance $ 2,400 To Cash (To Record the purchase of insurance) Furniture and Fixtures $ 13,000 5 To Cash $ 3,800 To Account Payable $ 9,200 (To Record the purchase of furniture and fixtures) 6 Inventory $ 2,300 To Cash $ 2,300 (to record the utility inc cash) 7 Advertisement $ 310 To Cash $ 310 (To Record the advertising exp) 8 Cash $ 1,800 To Sales $ 1,800 (To Record the sale of CAP) 9 Cost of goods sold $ 1,000 To Inventory $ 1,000 (To Record the cost of goods sold) 10 Account Payable $ 9,200 To Cash $ 9,200 (To Record the payment of account payable) 10 Account Payable $ 9,200 To Cash $ 9,200 (To Record the payment of account payable) 11 Cash $ 280 To Advance from Customer $ 280 (To Record the amount recived on account)