Problem:
Please prepare the following journal entries. Indicate which account should be debited and which account should be credited, along with the dollar amount of the debit and credit.
- Investors invest $600,000 in exchange for 30,000 shares of common stock.
- Company paid rent of $3,000.
- Company billed $5,000 for services performed.
- Company purchased supplies of $3,000.
- Company received $20,000 for services not yet performed.
Note: Explain in detail.