Prepare Journal Entries in Good Form for the Following Transactions

question 119

Essay

Prepare journal entries in good form for the following transactions for the Calorie Corp.
a.Owner invested cash of $12,000 and office equipment valued at $7,500 into the business,receiving common shares in exchange.
b.Purchased supplies for cash,$1,000.
c.Paid $750 for one months rent on the store.
d.Billed a client $1,500 for services rendered.
e.Owner received a dividend of $300.

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Definitions:

Cell Metabolism

The complex set of life-sustaining chemical reactions in cells that allows organisms to grow, reproduce, maintain structures, and respond to environments.

Oxygen

A chemical element essential for most forms of life on Earth, used in cellular respiration.

Raw Materials

Basic materials from which products are made, including direct materials like wood for furniture or iron ore for steel production.

Isotonic Solution

Solution that is equal in solute concentration to that of the cytoplasm of a cell; causes cell to neither lose nor gain water by osmosis.