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Question: green wave company plans to own and operate a storage...

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Green Wave Company plans to own and operate a storage rental facility. For the first month of operations, the company has the following transactions.

  1. January 1 Issue 10,000 shares of common stock in exchange for $38,000 in cash.
  2. January 5 Purchase land for $22,000. A note payable is signed for the full amount.
  3. January 9 Purchase storage container equipment for $8,600 cash.
  4. January 12 Hire three employees for $2,600 per month.
  5. January 18 Receive cash of $12,600 in rental fees for the current month.
  6. January 23 Purchase office supplies for $2,600 on account.
  7. January 31 Pay employees $7,800 for the first month's salaries

Required 1. Record each transaction. (If no entry is required for a transaction/event, select No journal entry required in the first account field.) View transaction list Journal entry worksheet 2 4 6 7 Issue 10,000 shares of common stock in exchange for $38,000 in cash. Note: Enter debits before credits Transaction General Journal Credit 38,000 ash Common stock 38,000 Record entry Clear entry View general journal

2. Post each transaction to T-accounts and calculate the ending balance for each account. Cash Supplies Beg. bal Beg. bal 8,600 (3) End. bal End. bal Land Equipment Beg. bal Beg. bal End. bal End. bal Common Stock Accounts Payable Beg. bal Beg. bal End. bal End. bal Notes Payable Service Revenue Beg. bal Beg. bal End. bal End. bal Salaries Expense Beg. bal End. bal

3. Prepare a trial balance. GREEN WAVE COMPANY Trial Balance Accounts Debit Credit Cash Supplies Land Equipment Accounts payable Notes payable Common stock Service revenue Salaries expense linal

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