Record the Following Transactions

question 54

Essay

Record the following transactions. If an entry is not required, state "No Entry."
(a) Started business by issuing 10,000 shares of common stock for $20,000.
(b) Hired Rebecca as an administrative assistant, promising to pay her $2,000 every two week.
(c) Rented a building for three years at $500 per month and paid six months' rent in advance.
(d) Purchased equipment for $5,400 cash.
(e) Purchased $1,800 of supplies on account.
(f) Provided services to customers for $7,800 cash.
(g) Paid employee salaries, $5,200.
(h) Paid for supplies purchased in item (e).
(i) Paid $800 for current advertising in a local newspaper.
(j) Paid utility bill of $1,300 for the current month.

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Definitions:

United States

A country in North America known for its significant cultural, economic, and political influence globally.

Fertility Rates

The average number of children born to a woman over her lifetime within a specific population.

Industrialized Countries

Nations with significant levels of industrialization, characterized by high standards of living, advanced technological infrastructure, and diverse economic sectors.