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.

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Definitions:

Cheque Accounting

The handling and record-keeping of cheques within the accounting practices of an individual or organization.

Interest Earning

Relates to the income generated from investing or depositing funds in interest-bearing financial instruments.

Bank Account

A financial account maintained by a bank for a customer, allowing the storage and management of money, along with various transactions like depositing and withdrawing.

Grow Amount

The process of increasing the size or value of something, often related to investments or savings over time.