Week 5 FINAL

December 15, 2020

Brief Exercise 3-1

Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions. (If no entry is required, select “No entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

May 1   Stockholders invests $4,000 cash in exchange for common stock of Mehta Company.
3   Buys equipment on account for $1,100.
13   Pays $400 to landlord for May rent.
21   Bills Noble Corp. $500 for welding work done.

Account Titles and Explanation