Question

Selected transactions for Pina's Dog Care are as follows during the month of March March 1 Paid monthly rent of $1,150. 3 Performed services for $130 on account. 5 Performed services for cash of $70. 8 Purchased equipment for $575. The company paid cash of $75 and the balance was on account. 12 Received cash from customers billed on March 3. 14 Paid wages to employees of $505. 22 Paicutilities of $70. 24 Borrowed $1,440 from Grafton State Bank by signing a note. 27 Paid $210 to repair service for plumbing repairs. 28 Paid balance amount owed from equipment purchase on March 8. 30 Paid $1,730 for six months of insurance.

Answer 1

Date	Account titles and explanation	Debit	Credit
March 1	Rent expense	$1150
	Cash		$1150
	(To record rent expense paid)
March 3	Accounts receivable	$130
	Service revenue		$130
	(To record services performed on account)
March 5	Cash	$70
	Service revenue		$70
	(To record services performed for cash)
March 8	Equipment	$575
	Cash		$75
	Accounts payable (575-75)		$500
	(To record equipment purchased)
March 12	Cash	$130
	Accounts receivable		$130
	(To record cash received from customers)
March 14	Salaries and wages expense	$505
	Cash		$505
	(To record wages paid to employees)
March 22	Utilities expense	$70
	Cash		$70
	(To record utilities expense paid)
March 24	Cash	$1440
	Notes payable		$1440
	(To record cash borrowed by signing a note)
March 27	Maintenance and repairs expense	$210
	Cash		$210
	(To record cash paid for repairs)
March 28	Accounts payable	$500
	Cash		$500
	(To record cash paid to accounts payable)
March 30	Prepaid insurance	$1730
	Cash		$1730
	(To record prepaid insurance paid)