In December 2018, the first five transactions of Acker Small Engine Repair Compa

Question

In December 2018, the first five transactions of Acker Small Engine Repair Company have been posted to the T-accounts. Prepare the journal entries that served as the sources for the five transactions. Include an explanation f each entry (Click the icon to view the T-accounts.) Prepare each transaction in order according to the reference number shown in the accounts provided. (Record debit first, then credits. Select the explanation on the last line of the journal entry.) Accounts and Explanation Debit Credit Data Table Cash Office Supplies Building Equipment (1) 52,000 35,000 (3) (2) 700 (4) 51,0006,000 (5) (3) 35,000 (5) 6,000 Accounts Payable Notes Payable Common Stock 700 (2) 51,000 (4) 52,000 (1) Print Done

Explanation / Answer

Transaction no. Accounts title Debit Credit 1 Cash $                                   52,000.00 Common Stock $                  52,000.00 (Cash invested) 2 Office Supplies $                                         700.00 Accounts Payable $                        700.00 (Supplies purchased on account) 3 Building $                                   35,000.00 Cash $                  35,000.00 (Building acquired for cash) 4 Cash $                                   51,000.00 Notes Payable $                  51,000.00 (Notes payable signed to be paid, and cash received) 5 Equipment $                                     6,000.00 Cash $                     6,000.00 (Equipment purchased for Cash)

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