Question

Take me to the text Restart Spa is a sole proprietorship owned by Claire Sawyer. The company provides a relaxing retreat for people wishing to relax and unwind. During the month of March 2016, the following transactions took place. Mar 2. Provided services to a customer on account worth $3,760. Mar 4 Borrowed $5,000 cash from the bank. Mar 5 Provided services to a customer and received cash of $2,690. Mar 7 Received the telephone bill for $130 which will be paid later. Mar 9 Paid $5,300 cash to reduce the amount owed to a supplier. Mar 11 Collected $1,300 cash from customers owing on account Mar 14 Paid the telephone bill from March 7. Mar 15 Paid a portion of the bank loan principal with $1,600 cash. Mar 23 Paid rent for the month with $2,300 cash. Mar 26 Purchased equipment for $1,500 which will be paid later Prepare the journal entries for the above transactions

Answer 1

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Marcha (Ales receivable) Customer al To sevices or $3760 $ 3760 mana Mouq Cash Alc or $5000 To loan $500D maps Cash Alc or $2690 To cenices. $2690 Mar 7 Telephone Bill Expense Ale or $180 To Telephone Bill outstanding Ale $130 mala Supplier Ale or To cash $5300 $5300 Mau 15 Cash Ale or $1300 To Cuntomer Ale $1300 (Accounts receivable) Telephone Bill outstanding Ale Dr $130 To cash Ale $130 mau 14 mai 15 Loan Al nr To cash $1600 1600 Mai 23 Rent Ak $2300 To cash $2.300 Equipment Ale or $1500 Mar 26 To supplia Al $1500