Accounting
NenaCo. STARTING THE BUSINESS
JOURNAL ENTRIES: PART -1
You Started a business called NenaCo. and have had the following transactions to get ?up and running?.
1/ 1 You setup a corporation and you invested all your savings amounting to $30,000 in the company to get it started.
1/ 2 Now that you have thought it over, you figure your original investment might not be enough. So the company obtains additional financing by borrowing another $20,000 from a local bank for two years at 12% interest.
1/ 3 Entered into a two-year lease for a shop to conduct operations. The rent is $2,000 per month and the company is required to pay the first (January) and last months rent upon signing the lease. In addition a security deposit of $500 is required.
1/ 4 As it would be nice to have something to put in our store, the company decides to buy furniture and fixtures for $15,000.
1/ 5 A security alarm is installed in the store. The cost of the alarm is $1,200; the guy who installed the alarm gives you a bill. You decide to pay the bill next month.
1/ 6 As things seem to be moving along,
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