Listed below are the transactions for Regis Company for the month ended June 20X5.
1. The owners invest $90,000 in Regis Company.
2. The Regis Company purchased equipment costing $15,000, paying $6,000 with the remainder as a note payable.
3. Regis Company acquired inventory costing $9,600 by paying $4,200 cash and the remainder on account.
4. Regis Company paid four months' rent in advance by paying $7,200.
5. Regis Company sold inventory costing $5,100 for $8,700. Of the sales amount, cash sales were $2,700 and the remainder on account.
6. One month's worth of rent was recognized.
7. Regis Company declared a cash dividend of $900.
8. Depreciation on the equipment was $600.
Required: Show the journal entries used to record the above transactions.

Question

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The Answer of Listed below are the transactions for Regis Company for the month ended June 20X5.
1. The owners invest $90,000 in Regis Company.
2. The Regis Company purchased equipment costing $15,000, paying $6,000 with the remainder as a note payable.
3. Regis Company acquired inventory costing $9,600 by paying $4,200 cash and the remainder on account.
4. Regis Company paid four months' rent in advance by paying $7,200.
5. Regis Company sold inventory costing $5,100 for $8,700. Of the sales amount, cash sales were $2,700 and the remainder on account.
6. One month's worth of rent was recognized.
7. Regis Company declared a cash dividend of $900.
8. Depreciation on the equipment was $600.
Required: Show the journal entries used to record the above transactions.

Listed Below Are the Transactions for Regis Company for the Month