Question

Instructions Chart of Accounts General Journal Instructions Following are the selected transactions for April: (a) Received $18,000 from sale of common stock. (b) Purchased equipment for $27,000, paying $10,000 in cash and giving a note payable for the remainder. (c) Paid $2,300 for rent for April. (d) Purchased $1,500 of supplies on account. (e) Recorded $9,800 of lees earned on account. (1) Received $7,500 in cash for fees earned. (g) Paid $1,200 to creditors on account. (h) Paid wages of $3,425. Received $7,000 from customers on account. 0) Recorded dividends of $1,875. Required: Record the above selected transactions for April. Refer to the Chart of Accounts for exact wording of account ties

Answer 1

Date	Description	Debit	Credit
(a)	Cash	$18,000
	Common stock		$18,000
	( To record sale of common stock)
(b)	Equipment	$27,000
	Cash		$10,000
	Note payable		$17,000
	( To record purchase of equipment)
(c)	Rent expense	$2,300
	Cash		$2,300
	( To record rent expense)
(d)	Supplies	$1,500
	Accounts payable		$1,500
	( To record supplies)
(e)	Accounts receivable	$9,800
	Fee revenue		$9,800
	( To record fee earned on account)
(f)	Cash	$7,500
	Fee revenue		$7,500
	(To record fee earned by cash)
(g)	Accounts payable	$1,200
	Cash		$1,200
	( To record payment to accounts payable)
(h)	Wages expense	$3,425
	Cash		$3,425
	( To record wages expense)
(i)	Cash	$7,900
	Accounts receivable		$7,900
	( To record amount received from customer)
(j)	Dividends	$1,875
	Cash		$1,875
	( To record dividend payment)

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