Robin Harrington established Time Definite Delivery on

January 1 The #2700

Robin Harrington established Time Definite Delivery on January 1. The following transactions
occurred during the company’s most recent quarter. a. Issued common stock for $ 80,000. b.
Provided delivery service to customers, receiving $ 72,000 in accounts receivable and $ 16,000
in cash. c. Purchased equipment costing $ 82,000 and signed a long- term note for the full
amount. d. Incurred repair costs of $ 3,000 on account. e. Collected $ 65,000 from customers
on account. f. Borrowed $ 90,000 by signing a long- term note. g. Prepaid $ 74,400 cash to rent
equipment next quarter. h. Paid employees $ 38,000 for work done during the quarter. i.
Purchased (with cash) and used $ 49,000 in fuel for delivery equipment. j. Paid $ 2,000 on
accounts payable. k. Ordered, but haven’t yet received, $ 700 in supplies.Required:For each of
the transactions, prepare journal entries. Be sure to categorize each account as an asset (A),
liability (L), stockholders’ equity (SE), revenue (R), or expense (E).View Solution:
Robin Harrington established Time Definite Delivery on January 1 The

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