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Accounting Principles – journal entries

Author:
July 19th, 2019

So I am reviewing my book and I see these. I am unable to see how I would journalize and how I would make their T charts.

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For Problems: 1 through 8 can someone write up what their respective Journal Entries would look like?

The ones I think I know:

1. 40,000 investment in exchange for common stock

(Dr) Cash 40,000

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(Cr) Common Stock 40,000

4. 4,000 cash for services performed

(Dr) Cash 4,000

(Cr) Service Revenue 4,000

5. Pay off short term liability of $7,000

(Dr) Note Payable 7,000

(Cr) Cash 7,000

8. Pay $16,000 cash for delivery van

(Dr) Equipment 16,000

(Cr) Cash 16,000

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