1. Please write a 4-6 sentence paragraph on the following question. Describe each of the 4 basic financial statements. What is the relationship between them?

2. During the first month of operations (March 2011) Jerry Enterprises completed the following selected transactions:

a.The business received $12,000 in cash and a building valued at $52,000. The corporation issued stock to the contributors of these.

b.Borrowed $15,800 from the bank and signed a note payable to them

c.Paid $12,000 for equipment

d.Purchased supplies on account for $200

e.Paid employees’ salaries of $2,100

f.Performed services for customer on account, $2,800

g.Paid $100 of the accounts payable in transaction d above

h.Received a $800 bill for advertising expense that will be paid in the near future

i.Received cash on account, $1,600

j.Paid rent of $1,200

Required:

Prepare the journal entries for the above transactions

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