Consider the following transactional data for the first month of operations for

Question

Consider the following transactional data for the first month of operations for Sparkle Time Cleaning Click the icon to view the transactions) Read the teswirements Requirement 1. Jounalize the transactions Explanations are not required (Record debits first, then credts Exclude explanations from journal entries) Nov. 1 Stockholders contributed $28,000 and a truck, with a market value of $13,000, to the business in exchange for common stock Date Accounts Debit Credit Roquiroments Nov 1. Journalze the transactions, using the following accounts Cash Accounts Rent Prepaid Insurance Receivable. Cleaning Supplies Equipment. Truck Accounts Payable Unearned Revenue, Notes Payable Common Stock Diidends Service Revenue Salaries Expense Advertising Expense and Ubidies Expense Explanations are not required T-accounts have been opened for you Post the journal entries to the T accounts, and calculate account balances 2. 3. Prepare trial balance as of November 30, 2018 Pyint Done Choose from any ist or enter any number in the input olds and then cick Check Answer 23 ports,«J

Explanation / Answer

Receipt from shareholders
Cash = $28000
Market value of truck = $13000
Journal entry will be
Cash $28000
Truck $13000
   Common stock $41000

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