Question - Record the journal entries for January 2008 transactions:
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 months' 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 account.
Jan 11 Bought an automobile for business use. It cost $13,000. Jerry paid $3,000 cash and signed anote payable for the balance.
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.