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ACC 205 Week 1 Exercise 2 Basic journal entries


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2. Basic journal entries.The following transactions pertain to the Jennifer Royall Company:

May 1 Jennifer Royall invested cash of $25,000 and land valued at

$15,000 into the business.

5 Provided $1,000 of services to Jason Ratchford, a client, on account.

9 Paid $1,250 of salaries to an employee.

14 Acquired a new computer for $4,200, on account.

20 Collected $800 from Jason Ratchford for services provided on May 5.

24 Borrowed $2,500 from BestBanc by securing a six-month loan.

Prepare journal entries (and explanations) to record the preceding transactions and events.

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