Rowdy Bolton began Bolton Office Services in October and during that month completed these transactions:a. Invested $10,000 cash, and $15,000 of computer equipment in exchange for common stock.b. Paid $500 cash for an insurance premium covering the next 12 months.c. Completed a word processing assignment for a customer and collected $1,000 cash.d. Paid $200 cash for office supplies.e. Paid $2,000 for October's rent.Prepare journal entries to record the above transactions. Explanations are unnecessary.
What will be an ideal response?
| a. | Cash | 10,000 | ? |
| ? | Computer Equipment | 15,000 | ? |
| ? | Common Stock | ? | 25,000 |
| b. | Prepaid Insurance | 500 | ? |
| ? | Cash | ? | 500 |
| c. | Cash | 1,000 | ? |
| ? | Office Services Revenue | ? | 1,000 |
| d. | Office Supplies | 200 | ? |
| ? | Cash | ? | 200 |
| e. | Rent Expense | 2,000 | ? |
| ? | Cash | ? | 2,000 |
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