Question

 The May transactions of Culver Corporation were as follows.

 May 4

 Paid $600 due for supplies previously purchased on account.

 7 Performed advisory services on account for $6,810.

 ৪ Purchased supplies for $890 on account.

 9 Purchased equipment for $1,130 in cash.

 17 Paid employees $640 in cash.

 22 Received bill for equipment repairs of $810.

 29 Paid $1,180 for 12 months of insurance policy. Coverage begins June 1.

 Journalize the transactions. (if no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles

 are automatically indented when amount is entered. Do not indent manually. Record journal entries In the order presented in the problem.)

Answer 1

Date		Debit	Credit
May 4	Accounts Payable	$600
	Cash		$600
	(Paid $600 for accounts payables)
	Supplies where purchased on accounts earlier, so accounts payable was created. Now payment is being done towards it)
May 7	Accounts Receivable	$6810
	Service Revenue		$6810
	(Services performed on account recorded)
May 8	Supplies	$890
	Accounts Payable		$890
	(Supplies Purchased on account)
May 9	Equipment	$1130
	Cash		$1130
	(Equipment purchased in cash)
May 17	Salaries and Wages	$640
	Cash		$640
	( Salaries and wages paid in cash)
May 22	Maintenance and repairs expense	$810
	Accounts Payable		$810
	(Repair expense and Liability to pay it recorded)
May 29	Prepaid Insurance	$1180
	Cash		$1180
	(Payment forInsurance which is to be commenced on June 01 recorded)

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