Basic journal entries The following transactions pertain to the Jennifer Roya

Basic journal entries

The following transactions pertain to the Jennifer Royall Company:

Apr. 1 Received cash of $15000 and land valued at $10000 from Jennifer Royall as an investment in the business.

5 Provided $1200 of services to Jason Ratchford a client. Ratchford agreed to pay $800 in 15 days and the remaining amount in May.

9 Paid $250 of salaries to an employee.

14 Acquired a new computer for $3200; Royall will pay the dealer in May.

20 Collected $800 from Jason Ratchford for services provided on April 5.

24 Borrowed $7500 from BestBanc by securing a six-month loan.

Prepare journal entries (and explanations) to record the preceding transactions and events.