520 v ull WileyPLUS1pdf 752018 Additional Brief Exercise 160

5:20 v ull WileyPLUS1.pdf 7/5/2018 Additional Brief Exercise 160 Additional Brief Exercise 160 Journalize the following business transactions in general journal form. Identify each transaction by number 1 Andrew Bird invested $35,000 cash in exchange for stock. 2. Hired an employee to be paid $400 per week, starting tomorrow 3. Paid two years\' rent in advance, $7,440. 4. Paid the worker\'s weekly wage. 5. Recorded revenue earned and received for the week, $1,900. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select \"No Entry\" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5.

Solution

Journa entries:

Wages amount is not given so I assumed it $500.

S.no.	Particulars	Debit	Credit
1	Cash	35000
	Common Stock		35000
	(Being cash is invested in exchange for stock)
2	No entry	0	0
3	Prepaid Rent	7440
	Cash		7440
	(Being rent is paid in advance)
4	Salaries & Wages expenses	500
	Cash		500
	(Being wage is paid)
5	Cash	1900
	Service Revenue		1900
	(Being revenue is received)