Financial Accounting Journal entries
Prepare the proper journal entry for each:
1) On January 1,2012, MC Hammer contributed $2,000 in cash toestablish Can't Touch This, inc. (CTTI). He is the sole owner ofthe firm.
2) on January 15,2012, CTTI acquired acoustin equipment costing$15,000 from Run DMC. CTTI paid $3,000 cash and signed a notepayable for the rest.
3) On march 1, 2012, CTTI held a concert. Ticket sales to bored,suburban children totaled $20,000 in cash.
4) On march 15, 2012, CTTI paid MC Hammer wages of 6,000 incash.
5) On march 20th, the company purchased $10,000 of inventory onaccount.