Question

Question 1 View Policies Show Attempt History Current Attempt in Progress Your wer is partially correct Flounder CPA Opened an accounting Consulting practice on January 1, 2017. During the first month of operations, the following transactions occurred 1. Performed services for bastomers with terms met 60. At January 31, 53.500 of such services was performed but not yet billed to the insurance companies 2. Utility expenses incurred but not paid prior to January 31 totaled 51430 2. Purchased computer and networking equipment on January 1 for $52,000 paying $26,000 in cash and signing a $26.000, 3-year note payable. The equipment depreciates $1.040 per month. Interest is $260 per Purchased any olyan ny1 for $22.800 5 Purchased $2.000 of scoles on January 31, determined that $650 of supplies were on hand. Prepare the dusting entries on vary 31. (Credit account title ore automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the accountitles and enter for the No. Account Titles and Explanation Debit Credit не Е e @

Answer 1

| Credit Date Account Titles and Explanation 1 accounts receivable service revenue Debit 3,500 $ 3,500 1,430 2 utilities expense utilities payable / accounts payable $ 1,430 $ 1,040 3 depreciation expense accumulated depreciation - computer $ 1,040 260 3 interest expense interest payable 260 $ 1,900 insurance expense (22800 /12) Prepaid insurance $ 1,900 1,350 5 Supplies expense (2000-650) Supplies $ 1,350 please comment if you have any doubt Please give thumps up if you satisfied with the answer