Basic journal entries
The following transactions pertain to the Jennifer Royall Company:
Apr. 1 Received cash of $15,000 and land valued at $10,000 from Jennifer Royall as an investment in the business.
5 Provided $1,200 of services to Jason Ratchford, a client. Ratchford agreed to pay $800 in 15 days and the remaining amount in May.
9 Paid $250 of salaries to an employee.
14 Acquired a new computer for $3,200; Royall will pay the dealer in May.
20 Collected $800 from Jason Ratchford for services provided on April 5.
24 Borrowed $7,500 from BestBanc by securing a six-month loan.
Prepare journal entries (and explanations) to record the preceding transactions and events.