[Q1] The entity sold merchandise at the sale price of $50,000 in cash. The cost of merchandise sold was $30,000. Prepare a journal entry to
[Q1] The entity purchased merchandise and paid $30,000 in cash. Prepare a journal entry to record this transaction. [Journal Entry] Debit Credit Merchandise 30,000
[Q1] The entity paid $12,000 for monthly rent. Prepare a journal entry to record this transaction. [Journal Entry] Debit Credit Rent expense 12,000
[Q1] The entity paid $8,000 salaries expense in cash. Prepare a journal entry to record this transaction. [Journal Entry] Debit Credit Salaries expense 8,000
[Q1] The entity purchased new equipment and paid $150,000 in cash. Prepare a journal entry to record this transaction. [Journal Entry] Debit Credit Equipment
[Q1] Owner invested $700,000 in the business. Prepare a journal entry to record this transaction. [Journal Entry] Debit Credit Cash 700,000 Owner’s Equity