Record the journal entries for January 2008
Jan 2 Jerry invested $20,000 cash and
$13,200 worth of dental equipment in the business in exchange for common stock
in a new corporation called J.A. Dentist, Inc.
Jan 3 Paid two monthsâ rent of $2,000.
Jan 4 Purchases $1,000 of dental supplies
and paid cash.
Jan 4 Paid insurance premiums of $3,600 for
a 1-year insurance policy.
Jan 6 Earned and collected dental fees of
$14,600 in cash during the week.
Jan 9 Paid secretary a salary of $1,200
Jan 10 Purchased $300 of dental supplies on
Jan 11 Bought an automobile for business
use. It cost $13,000. Jerry paid $3,000 cash and signed anote payable for the
Jan 13 Received a $240 telephone bill that
will be paid later.
Jan 13 Billed customers $6,000 for dental
fees earned during the week.
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