In the Journal Provided,prepare Journal Entries (In Good Form)for the Following

question 98

Essay

In the journal provided,prepare journal entries (in good form)for the following transactions.If no entry is required,write "no entry." Omit explanations.
May 1 Investors opened a dry cleaning service, called Junction Cleaners, by depositing $\$ 100,000$ into a business bank account and receiving 50,000 shares of $\$ 2$ par value stock in exchange.
3 Paid two years' rent in advance, $\$ 11,200$ .
6 Purchased dry cleaning equipment for $\$ 36,000$ . Paid $\$ 14,000$ in cash, the remainder to be paid in two weeks.
10 Hired a worker, to be paid $\$ 550$ per week.
17 Paid the worker's weekly wage.
17 Recorded cash received for services rendered during the week, $\$ 5,000$ .
20 Paid for the remainder of the equipment purchased on May 6.
21 Received $\$ 240$ in advance of cleaning and boxing a wedding gown.
23 Performed $\$ 390$ of dry cleaning services for Tuxedos Unlimited. It will remit payment in three days.
24 Paid the weekly wages.
26 Received payment from Tuxedos Unlimited.
30 Received a telephone bill for $\$ 114$ , which will be paid in two weeks.

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Definitions:

Level of Significance

The probability of rejecting the null hypothesis when it is actually true, typically denoted as alpha (α).

Contingency Table

A tabular method for displaying the frequencies of different outcomes in a sample, allowing for analysis of the association between categorical variables.

Null Hypothesis

A statistical hypothesis that assumes no significant difference or effect exists between certain characteristics of a population or dataset.

Contingency Table

A tabular arrangement of data that displays the frequency distribution of variables to study the relationship between them.