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College For Financial Planning Operations And Supply Chain Management Assignment Help - Practice Set 2

Question - ACG 3113 Practice Set 2 The Gremlin Ice Cream Company started business July 1, 2000. Gremlin uses the perpetual inventory system. Required: Using Excel, prepare general journal entries in good form for only the transactions listed below (Explanations are not necessary): July 1 2000 Issued 5,000 shares of $1 par value common stock for $95,000 cash. July 1 Rented building space, paying three month s rent of $24,000 in advance. (Use a real or permanent account for the building rent). July 6 Rented equipment at a cost of $600 per month, paying $6,000 upon signing the rental agreement. (Use a nominal or temporary account for the equipment rental) July 7 Purchased ice cream on account for $2,000. July 8 Purchased supplies on account fo ...Read More

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