April 2Garcia invested $38,000 cash and computer equipment worth $11,400 in the company in exchange for its common stock.April 3The company rented furnished office space by paying $2,600 cash for the first month’s (April) rent.April 4The company purchased $1,200 of office supplies for cash.April 10The company paid $1,800 cash for a 12-month insurance policy. Coverage begins on April 11.April 14The company paid $1,540 cash for two weeks’ salaries earned by employees.April 24The company collected $24,000 cash for commissions revenue.April 28The company paid $1,540 cash for two weeks’ salaries earned by employees.April 29The company paid $650 cash for minor repairs to computer equipment.April 30The company paid $400 cash for this month’s telephone bill.April 30The company paid $1,700 cash in dividends.Record the entry to close the revenue account(s).Record the entry to close the expense account(s).Record the entry to close Income summary.Record the entry to close the owner's withdrawals account.

Name: April 2Garcia invested $38,000 cash and computer equipment worth $11,4
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Description: April 2Garcia invested $38,000 cash and computer equipment worth $11,400 in the company in exchange for its common stock.April 3The company rented furnished office space by paying $2,600 cash for the first month’s (April) rent.April 4The company purc

Journal entry: It refers to the recording of company's financial transactions in it's primary book…

Answered: April 2 Garcia invested $38,000 cash…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements

Section: Chapter Questions

Problem 2PA: B. Kelso established Computer Wizards during November of this year. The accountant prepared the...

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April 2	Garcia invested $38,000 cash and computer equipment worth $11,400 in the company in exchange for its common stock.
April 3	The company rented furnished office space by paying $2,600 cash for the first month’s (April) rent.
April 4	The company purchased $1,200 of office supplies for cash.
April 10	The company paid $1,800 cash for a 12-month insurance policy. Coverage begins on April 11.
April 14	The company paid $1,540 cash for two weeks’ salaries earned by employees.
April 24	The company collected $24,000 cash for commissions revenue.
April 28	The company paid $1,540 cash for two weeks’ salaries earned by employees.
April 29	The company paid $650 cash for minor repairs to computer equipment.
April 30	The company paid $400 cash for this month’s telephone bill.
April 30	The company paid $1,700 cash in dividends.

Record the entry to close the revenue account(s).
- Record the entry to close the expense account(s).
- Record the entry to close Income summary.
  
  Record the entry to close the owner's withdrawals account.

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