Question

Ell owns an insurance office, while Olivia operates a maintenance service that provides basic custodial duties. For the month of May, the following transactions occurred. , Olivia decides that she will need insurance for a one-day special event at the end of the month and pays May -Eli $290 in advance. 2 May 5 Olivia provides maintenance services to Eli's insurance offices on account, $420. May 7 Eli borrows $490 from Olivia by signing a note. May 14 Olivia purchases maintenance supplies from Spot Corporation, paying cash of $195. May 19 Eli pays $420 to Olivia for maintenance services provided on May 5. May 25 Eli pays the utility bill for the month of May, $134. May 28 Olivia receives insurance services from Eli equaling the amount paid on May 2. May 31 Eli pays $490 to Olivia for money borrowed on May 7. Required: Record each transaction for Eli's insurance Services. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 Olivia decides that she will need insurance for a one-day special event at the end of the month and pays Eli $290 in advance. Note: Enter debits before credits. Date General Journal Debit Credit May 02 Record entry Clear entry View general journal

Answer 1

Answer:

Date	Particulars	Debit ($)	Credit ($)
02-May	Cash	290
	Unearned Service Revenue		290
	(To record the revenues received in advance)
05-May	Repairs and maintenance expense	420
	Accounts payable		420
07-May	Cash	490
	Notes payable		490
19-May	Accounts payable	420
	Cash		420
	(To record the payment of cash)
25-May	Utilities expense	134
	Cash		134
	(To record the payment of utilities expense)
28-May	Unearned Service Revenue	290
	Service revenue		290
	(To record the revenues earned)
31-May	Notes payable	490
	Cash		490
	(To record the payment of notes payable)