TCOs E and F Please prepare the following journal entries In

(TCOs E and F) Please prepare the following journal entries. Indicate which account should be debited and which account should be credited, along with the dollar amount of the debit and credit (1) Investors invest $500,000 in exchange for 50,000 shares of common stock (2) Company purchased equipment for $25,000 on account (3) Company paid Rent for $4,000 (4) Company received $15,000 for services not yet performed (5) Employees work Monday through Friday and are paid on Friday. Salary expense is $10,000 per day and this year, December 31 falls on a Wednesday. HTML Editor Paragraph

Solution

Journal Entries :-

S.No.	Particulars	Debit($)	Credit($)
1)	Cash A/c Dr.	500000
	To Common Stock A/c		500000
2)	Equipment A/c Dr.	25000
	To Accounts Payable A/c		25000
3)	Rent A/c Dr.	4000
	To Cash A/c		4000
4)	Cash A/c Dr.	15000
	To Unearned Service Revenue A/c		15000
5)	Salary Expense A/c Dr. ($10000*3day)	30000
	To Salary Payable A/c		30000