Journalize the five transactions for Mirmax Rentals described below. August 1 Mirmax purchases two new saws...
Journalize the five transactions for Mirmax Rentals described below. August 1 Mirmax purchases two new saws on credit at $425 each. The saws are added to Mirmax’s rental inventory. Payment is due in 30 days. 8 Mirmax accepts advance deposits for tool rentals of $125 that will be applied to the cash rental when the tools are returned. 15 Mirmax receives a bill from Macon Utility Company for $180. Payment is due in 30 days. 20 Customers are charged $1,250 by Mirmax for tool rentals. Payment is due from the customers in 30 days. 31 Mirmax receives $600 in payments from the customers that were billed for rentals on August 20. Aug. 1 Aug. 8 Aug. 15 Aug. 20 Aug. 31
Homework Answers
| Answer | |||
| Date | Account Head | Debit | Credit |
| 01-Aug | Equipment (425*2) | $ 850.00 | |
| Accounts Payable | $ 850.00 | ||
| ( To record purchased 2 saws) | |||
| 08-Aug | Cash | $ 125.00 | |
| Unearned Revenue | $ 125.00 | ||
| ( To record Advance deposits) | |||
| 15-Aug | Utilities Expenses | $ 180.00 | |
| Accounts Payables | $ 180.00 | ||
| ( To record Utilities Expenses ) | |||
| 20-Aug | Accounts Receivables | $1,250.00 | |
| Rental Revenue | $1,250.00 | ||
| (Rent charges for tools due) | |||
| 31-Aug | Cash | $ 600.00 | |
| Accounts Receivable | $ 600.00 | ||
| ( To record Rent Received) | |||
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