Account Titles and Explanation Debit Credit 2021
Sept. 1 Cash 25,000
Common Stock 25,000
(Issued stock for cash)
4 Equipment 30,000
Cash 10,000
Notes Payable 20,000
(Paid cash and issued 2-year, 9%, note for equipment)
8 Rent Expense 1,000
Cash 1,000
(Paid September rent)
15 Prepaid Insurance 400
Cash 400
(Paid one-year liability insurance)
18 Cash 2,500
Service Revenue 2,500
(Received cash for delivery services)
20 Salaries and Wages Expense 500
Cash 500 (
Paid salaries for current period)
25 Utilities Expense 100
Accounts Payable 100
(Received a bill for September utilities)
30 Dividends 1,500
Cash 1,500 (Paid dividends)
30 Accounts Receivable 4,000
Service Revenue 4,000
(Billed customer for delivery service)
Post the journal entries to the accounts in the general ledger.