Question

EA1-A2 Record Journal Entries us exercise, you will record four journal entries in Excel. The four transactions you will use, all of which took place during 2016, are as follows: • February 4: Purchased $1,100 of supplies on account • February 12: Received $2,600 of Service Revenue February 17: Paid $3,100 for Rent Expense • February 27: Recorded an adjusting journal entry for Supplies Expense after determining that the value of remaining supplies is $350 (the company had no supplies prior to February) 1. Create a Blank Workbook and save the file in your Chapter 01 folder as: EA1-A2-JournalEntries-[YourName) 2. In row 1, for the first transaction enter the date (including the year) in column A, the debited account in column B, and the debited amount in column D. 3. Ensure that the format for the date in cell A1 is Short Date. 4. In row 2, for the first transaction enter the credited account in column C and its amount in column E.

Answer 1

Date	Accounts Titles and Explanation	Debit	Credit
Feb 4, 2016	Supplies	$1,100
	Accounts Payable		$1,100
	(To record purchase of supplies on account)
Feb 12, 2016	Cash	$2,600
	Service Revenue		$2,600
	(To record receive of service revenue)
Feb 17, 2016	Rent Expense	$3,100
	Cash		$3,100
	(To record rent expense)
Feb 27, 2016	Supplies Expense	$750
	Supplies		$750
	(To record supplies expense)