Question

Terrapin Company engages in the following external transactions for November. 1. Purchase equipment in exchange for cash of $23.900. 2. Provide services to customers and receive cash of $4,700. 3. Pay the current month's rent of $1,100. 4. Purchase office supplies on account for $1.200. 5. Pay employee salaries of $1,500 for the current month. Required: Record the transactions. Terrapin uses the following accounts: Cash, Supplies, Equipment, Accounts Payable. Service Revenue, Rent Expense, and Salaries Expense. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 Purchase equipment in exchange for cash of $23,900. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal

Answer 1

Transaction	General Journal	Debit	Credit
1	Equipment	$23,900
	Cash		$23,900
	( To record equipment)
2	Cash	$4,700
	Service revenue
	( To record service revenue)
3	Rent expense	$1,100
	Cash		$1,100
	( To record rent expense)
4	Supplies	$1,200
	Accounts payable		$1,200
	( To record supplies)
5	Salaries expense	$1,500
	Cash		$1,500
	( To record salaries expense)

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