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2. Provide the journal entries for the following transactions. If no entry is required, write “no entry.”


Omit explanations.





Nov. 1 Investors opened a dance school called Olga’s Dance Studio by depositing


$24,000 into a business bank account in exchange for 24,000 shares of $1 par


value stock.


2 Paid three months’ rent in advance, $2,400.


4 Hired a part-time assistant, to be paid $275 per week.


6 Purchased sound equipment for $4,200. Paid $600 in cash, the remainder to be


in installments of $1,200 every two weeks.


8 Signed up ten students, who will begin lessons on November 10, at $100 per


week per student.


17 Received the first week’s tuition from nine students; the tenth student will remit


payment in three days


17 Paid the assistant his first week’s wages.


20 Received payment from the tenth student.


20 Paid the next installment on the sound equipment purchased on November 6.


23 Received an electric bill of $150, to be paid on December 1.|||this is not worth 10 points