Ryan Olson organized a new company MeToo Inc The

company #2694
Ryan Olson organized a new company, MeToo, Inc. The company provides networking
management services on social network sites. You have been hired to record the following
transactions. a. May 1: Issued 1,000 shares of common stock to investors for $ 30 per share. b.
May 15: Borrowed $ 50,000 from the bank to provide additional funding to begin operations; the
note is due in two years. c. May 31: Paid $ 2,400 for a one- year fire insurance policy with
coverage starting June 1. d. June 3: Purchased furniture for the store for $ 15,000 on account.
The amount is due within 30 days. e. June 5: Placed advertisements in local college
newspapers for a total of $ 250 cash. f. June 9: Sold services for $ 400 cash. g. June 14: Made
full payment for the furniture purchased on account on June 3.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:
Ryan Olson organized a new company MeToo Inc The company

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