Prepare in proper form journal entries for the following transactions. Omit explanations
October
2 Owner made a cash investment into the company $3,000
8 Bought supplies on account $100.
10 Paid salaries, $700
15 Paid for supplies purchased on October 8
21 Received company telephone bill, to be paid later, $50
What will be an ideal response?
Answer:
October
2 Cash 3,000
Capital 3,000
8 Supplies 100
Accounts Payable 100
10 Salaries Expense 700
Cash 700
15 Accounts Payable 100
Cash 100
21 Telephone Expense 50
Accounts Payable 50
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