Record the General Journal Entries for the Following Transactions for Stuart

question 58

Essay

Record the general journal entries for the following transactions for Stuart Corporation for 2016.
1)Performed services for $26,000 cash.
2)Purchased $800 of office supplies on account.
3)Purchased land for $95,000 cash.
4)Paid salary expense of $16,500.
5)Paid for $600 of the supplies purchased in event 2.
6)Collected $15,000 in advance for services to be provided over the next 12 months.
7)Recognized $10,000 of revenue on the contract from event 6.
8)Accrued $5,500 of salary expense.

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Definitions:

Accredited Investors

Individuals or institutions that meet certain financial criteria and are therefore allowed to invest in certain types of complex and higher-risk financial products.

Securities Act

Legislation that regulates the issuance and sale of securities to protect investors from fraud.

Net Financial Assets

The difference between a person's or entity's total financial assets and total financial liabilities.

Security

Financial instruments or assets held to back debts or investments, or as a means to ensure the fulfillment of financial obligations.