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Transactions for Mehta Company for the month of May are presented below.
Prepare journal entries for each of these transactions. (You may omit explanations.)
May 1 B.D. Mehta invests $4,000 cash in exchange for common stock in a small welding corporation.
3 Buys equipment on account for $1,100.
13 Pays $400 to landlord for May rent.
21 Bills Noble Corp. $500 for welding work done.

Respuesta :

Tundexi

Answer:

                                  MEHTA COMPANY

Date      Account Titles and Explanation         Debit         Credit

1-May     Cash                                                      $4,000

                    Common stock                                                 $4,000

              (To record capital investment)

Date      Account Titles and Explanation         Debit         Credit

3 May     Equipment                                            $1,100

                    Account payable                                               $1,100

               (To record the purchase of equipment on account)

Date      Account Titles and Explanation         Debit         Credit

13 May   Rent expenses                                      $400

                   Cash                                                                    $400

               (To record rent expenses)

Date      Account Titles and Explanation         Debit         Credit

21 May    Account receivable                              $500

                      Service revenue                                               $500

                (To record service revenue)

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