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Cedar Crest College Operations And Supply Chain Management Assignment Help - Journal Entries


Question - Please create journal entries for the following transactions for W ilson Inc.


l. On January 1, 2012, company sells 500,000 additional shares of stock for cash. The sale price is
$2.00 per share. The par value is $.01 (one cent) per share.
2. On January 1,2012, the company signs a lease and pays one year of rent in advance. One year of
rent
is $120,000.
3. On January 2,2012, company buys Office Equipment for $120,000, paying $50,000 in cash and the
balance in a note payable.
4. On January 3, 2012, company bills Brown, Inc. for $30,000 (Canadian dollars) offees (the revenue
account is Consulting Fees Earned). On January 3, 2011, the exchange rate is $1 Canadian dollar
buys $.95 U.S. dollars.
5. On January 31, 2012, company allo ...Read More

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