Given the following transactions for Dumfries Company during the month of October2021. 1. Shareholders invested $200,000 cash in exchange for ordinary shares. 2. Performed services for $30,000 on account. 3. Purchased supplies for $4,000 on account. 4. Paid salaries of $7,800. 5. Received $20,000 cash advance from a customer for services to be performed in November2021. 6. Paid $1,000 cash on account for supplies purchased in transaction 3. Required: Journalize the above business transactions in general journa form.

Given the following transactions for Dumfries Company during the month of October2021. 1. Shareholders invested $200,000 cash in exchange for ordinary shares. 2. Performed services for $30,000 on account. 3. Purchased supplies for $4,000 on account. 4. Paid salaries of $7,800. 5. Received $20,000 cash advance from a customer for services to be performed in November2021. 6. Paid $1,000 cash on account for supplies purchased in transaction 3. Required: Journalize the above business transactions in general journa form.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings

Section: Chapter Questions

Problem 2CE

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