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ournalize the following business transactions for today: i. Molina invests $7,000 cash in the business. ii. The business paid $1,000 for one-year insurance in advance. iii. The business provided service
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ournalize the following business transactions for today: i. Molina invests $7,000 cash in the business. ii. The business paid $1,000 for one-year insurance in advance. iii. The business provided service for $5,000 on credit. iv. It purchased equipment for $3,000 on account. v. It calculated depreciation of $1,000 on Automobiles.

User DJ Burb
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Answer:

Debit Credit

Cash 7,000

Capital 7000

Insurance 1000

Cash 1000

Accounts Rec 5000

Service revenue 5000

Equipment 3000

Accounts Payable 3000

Depreciation Expense 1000

Accumulated Depreciation 1000

Step-by-step explanation:

User Thom A
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