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

question 141

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

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A school for early education that teaches children from kindergarten through to fifth or sixth grades.

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The act of giving one thing and receiving another in return, often used in the context of trading goods, services, or currencies.

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Refers to a period in business history where the focus was primarily on production efficiency, manufacturing, and product capabilities rather than the needs or desires of customers.