(Solved by Humans)-Problem 3-9A Journal Entries Castle Consulting Agency began business in February. The...
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Problem 3-9A Journal Entries Castle Consulting Agency began business in February. The transactions entered into by Castle during its first month of operations are as follows: a. Acquired articles of incorporation from the state and issued 10,000 shares of capital stock in exchange for $150,000 in cash. b. Paid monthly rent of $400. c. Signed a five-year promissory note for $100,000 at the bank. d. Purchased software to be used on future jobs. The software costs $950 and is expected to be used on five to eight jobs over the next two years. e. Billed customers $12,500 for work performed during the month. f. Paid office personnel $3,000 for the month of February. g. Received a utility bill of $100. The total amount is due in 30 days. Required Prepare in journal form the entry to record each transaction.
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This question was answered on: 10 May, 2025
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