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The answers need to be prepared in a journal entry to document the transactions. Dates and descriptions are not required.1. Paid $20,000 for stock in a newly formed corporation.2. Purchased photocopier for $5000 on account.3. Bought office supplies for immediate consumption for $200 cash.4. Billed customer $3500 for services performed5. Customer paid $2,000 on account.6. Prepaid insurance account has a $2,400 balance for a twelve-month premium. Month one has ended.7. Office supplies on hand account has a balance of $1,955, and a physical count reveals that there are $715 worth of supplies remaining at month end.8. A customer had previously paid $500 in advance on an order. The order has now been shipped FOB destination.9. Sales tax of $100 is collected from a customer to be remitted to the state at a later date.10. At month end, $2,300 of wages are due to employees but not yet paid.
