Question

Prepare a journal entry for each transactions for January. Refer to the Chart of Accounts for exact wording of account titles. Received cash from the investment made by the owner, $14,000. 2 Received cash for providing accounting services, $9,500.

Answer 1

For receive cash for investment:

Cash-debit (A) & Investment - credit (A), due to the investment made by the owner will be changed as cash.

Cash-debit (A) & Accounting services revenue (I), due to the sales will be a revenue and will be paid through cash. The second journal entry will be Expenses Salaries (E) & Salaries Payable (L).