ACG 3113 Practice Set 2The Gremlin Ice Cream Company started business July 1 2000. Gremlin uses the perpetual inventory system.Required: Using Excel prepare general journal entries in good form for only the transactions listed below (Explanations are not necessary):July 1 2000 Issued 5000 shares of $1 par value common stock for $95000 cash.July 1 Rented building space paying three month s rent of $24000 in advance. (Use a real or permanent account for the building rent).July 6 Rented equipment at a cost of $600 per month paying $6000 upon signing the rental agreement. (Use a nominal or temporary account for the equipment rental)July 7 Purchased ice cream on account for $2000.July 8 Purchased supplies on account for $560. (Use a real or permanent account for the supplies)July 12 Recorded cash sales in the amount of $2500. The ice cream sold cost $800.July 14 Paid wages of $1800. July 15 Paid two-year insurance premium of $2900. (Use a real or permanent account for the insurance). The insurance is effective today.July 16 Recorded sales on account of $2600. The ice cream sold cost $675.July 17 Paid for the ice cream purchased on the 7th and the supplies purchased on the 8th.July 18 Purchased store equipment for $45000. Paid $12000 in cash and signed a 2-year 10% Note for the remainder.July 21 Received an invoice for the month s utilities of $650. The bill is due on August 12th and will be paid then.July 27 Received a cash payment of $2600 for goods sold on account on July 16.
