Question

PLEASE LET ME KNOW IF THESE ARE CORRECT, IF NOT PROVIDE ALL CORRECT ANSWERS PLEASE ON A NEW SHEET

The May transactions of Sheffield Corp. were as follows. May 4 Paid $860 due for supplies previously purchased on account. 7 Performed advisory services on account for $7,020. 8 Purchased supplies for $820 on account. 9 Purchased equipment for $2,280 in cash. 17 Paid employees $540 in cash. 22 Received bill for equipment repairs of $820. 29 Paid $1,240 for 12 months of insurance policy. Coverage begins June 1.

Answer 1

Credit Debit $860 $860 $7,020 $7,020 $820 $820 $2,280 No. Date Account Titles and Explanation 1) May. 4 Accounts Payable Cash (To record cash paid on account) 2) May. 7 Accounts Receivable Advisory Service Revenue (To record advisory services provided on account) 3) May. 8 Supplies Accounts Payable (To record supplies purchased on account) 4) Mar. 9 Equipment Cash (To record office equipment purchased by paying cash) 5) Mar. 17 Salaries Expense Cash (To record cash paid for salaries to employees) 6) Mar. 22 Repairs Expense Accounts Payable (To record repairs for equipment incurred) 7) Mar. 29 Prepaid Insurance Cash (To record prepaid insurance paid by cash) $2,280 $540 $540 $820 $820 $1,240 $1,240