The owner’s initial investment consists of $37,480 cash and $45,910 in land in exchange for its common stock. The company’s $17,350 equipment purchase is paid in cash. The accounts payable balance of $7,970 consists of the $2,720 office supplies purchase and $5,250 in employee salaries yet to be paid. The company’s rent, telephone, and miscellaneous expenses are paid in cash. No cash has been collected on the $13,320 consulting fees earned.

What the question asks is to journalize the transactions.

Explanation:

The owner’s initial investment consists of $37,480 cash and $45,910 in land in exchange for its common stock.

Account                        Debit            Credit

Cash                             $37,480

Land                             $45,910

Common Stock                                 $83,390

The company’s $17,350 equipment purchase is paid in cash.

Account                        Debit            Credit

Equipment                   $17,350

Cash                                                  $17,350

The accounts payable balance of $7,970 consists of the $2,720 office supplies purchase and $5,250 in employee salaries yet to be paid.

Account                        Debit            Credit

Office Supplies            $2,720

Accounts Payable                            $2,720

Wages Expense          $5,250

Wages Payable                                $5,250

No cash has been collected on the $13,320 consulting fees earned.

Account                        Debit            Credit

Accrued Revenue       $13,320

Fees Revenue                                  $13,320

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