FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:3. Record journal entries for each of the following transactions for MM Corporation:
a. MM Corp. provided services to customers on account for $50,000
b. MM received $42,000 in cash from customers who had previously purchased goods on
account
c. MM paid $5,000 in cash for their utilities in the current month
d. MM purchased $2,000 of inventory on account
e. MM provided consulting services for $17,000 in cash
f. MM paid $2,000 for business insurance that will cover the next two years
g. MM bought a new delivery truck for $500
h.
MM paid a cash dividend of $1,000
i. MM paid $4,000 in salary to its employees
j.
MM issued common stock in exchange for $1,000
k. MM repaid $3,000 worth of loans
1. MM pays $4,000 to its supplier for inventory previously purchased
m. MM's employees earned $5,000 this week. MM paid them $2,000 in cash and promised
to past the remainder at the end of the month.
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