Following are transactions for Valdez Services, a company owned by Brina Valdez. Brina Valdez invested $24,800 cash in the company in exchange for common stock. The company provided services to a client and immediately received $850 cash. The company received $14,200 cash from a client in advance for services to be provided next year. The company received $2,900 cash from a client in partial payment of accounts receivable. 1. Prepare general journal entries for the above transactions of Valdez Services. 2. Listed below are three reasons why a transaction would not yield a revenue. Match each of the reasons to the transaction it properly describes.
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Following are transactions for Valdez Services, a company owned by Brina Valdez. Brina Valdez invest...
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