Journal Entries:
Date | Account Titles and Explanation | Debit | Credit |
Sept. 4 | Cash | $1,300 | |
Accounts Receivable | $1,300 | ||
(To record the collection of accounts receivable) | |||
Sept. 5 | Cash | $6,900 | |
Accounts Receivable ($9,220 - $6,900) | $2,320 | ||
Service Revenue | $9,220 | ||
(To record the service revenue earned) | |||
Sept. 7 | Accounts Payable | $1,900 | |
Cash | $1,900 | ||
(To record the payment made to creditors) | |||
Sept. 12 | Equipment | $2,595 | |
Cash | $651 | ||
Accounts Payable ($2,595 - $651) | $1,944 | ||
(To record the purchase of equipment by cash and on account) | |||
Sept. 15 | Salaries Expense | $4,100 | |
Rent Expense | $2,004 | ||
Advertising Expense | $209 | ||
Cash ($4,100 + $2,004 + $209) | $6,313 | ||
(To record the payment of salaries, rent and advertising expenses) | |||
Sept. 18 | Cash | $2,320 | |
Accounts Receivable | $2,320 | ||
(To record the collection of accounts receivable) | |||
Sept. 20 | Drawings | $650 | |
Cash | $650 | ||
(To record the withdrew of $650 for personal use) | |||
Sept. 26 | Cash | $2,100 | |
Note Payable | $2,100 | ||
(To record the amount borrowed from bank by issuing a note) |
Note: Based on the information in the question, journal entries are prepared, if you need help with T-Accounts also then please do comment so that i will add T-Accounts as well.
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