JOURNAL ENTRIES JOE’S BARBER SHOP RECEIVED $40,00 CASH FROM OWNERS AND ISSUED COMMON STOCK TO THEM

CASH $40,000 COMMON STOCK $40,000

THE BUSINESS PAID $10,000 CASH FOR LAND

LAND $10,000 CASH $10,000

THE COMPANY PURCHASED SUPPLIES FOR CASH OF $500

SUPPLIES $500 CASH $500

SUPPLIES WERE PURCHASED FOR CASH OF $900

SUPPLIES $900 CASH $900

SUPPLIES WERE PURCHASED FOR $200 CASH

SUPPPLIES $200 CASH $200

SUPPLIES WERE PURCHASED ON CREDIT FOR $700

SUPPLIES $700 ACCOUNTS PAYABLE $700

SUPPLIES WERE PURCHASED ON CREDIT FOR $100

SUPPLIES $100 ACCOUNTS PAYABLE $100

SUPPLIES WERE PURCHASED FOR CASH OF $2000

SUPPLIES $2000 CASH $2000

INVENTORY WAS PURCHASED FOR $3000 CASH

INVENTORY $3000 CASH $3000

INVENTORY WAS PURCHASED FOR $5000 CASH

INVENTORY $5000 CASH $5000

INVENTORY WAS PURCHASED ON CREDIT FOR $1000

INVENTORY $1000 ACCOUNTS PAYABLE $1000

INVENTORY WAS PURCHASED FOR $4000 ON CREDIT

INVENTORY $4000 ACCOUNTS PAYABLE $4000

MARKETABLE SECURITIES WERE PURCHASED FOR CASH OF $8000

MARKETABLE SECURITIES $8000 CASH $8000

THE OWNERS INVESTED AN ADDITIONAL $20,000 INTO THE BUSINESS

CASH $20,000 COMMON STOCK $20,000

THE OWNERS INVESTED $60,000 INTO THE COMPANY

CASH $60,000 COMMON STOCK $60,000

SOLD HAIRCUTS FOR THE DAY OF $2000

CASH $2000 SALES $2000

SOLD HAIRCUTS FOR THE DAY FOR $1,000

CASH $1000 SALES $1000