Homework Answers
Answer
--Required journal entries
| Date | Accounts title | Debit | Credit |
| 02-Aug | Cash | $11,290 | |
| Equipment | $2,740 | ||
| Owner's Capital | $14,030 | ||
| 07-Aug | Supplies | $450 | |
| Accounts Payable | $450 | ||
| 12-Aug | Cash | $1,303 | |
| Account receivables | $689 | ||
| Service Revenue | $1,992 | ||
| 15-Aug | Rent Expense | $634 | |
| Cash | $634 | ||
| 19-Aug | Supplies Expense | $187 | |
| Supplies ($450 - 263) | $187 |
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Google 172.18 20.158 San Juan (Puerto #3 Question 2 of 13 - / 7.5 I!! View...
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entry" for the account titles and enter 0 for the amounts. Credit
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Do not indent manually.)
Aug. 2
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Brief Exercise 3-2
Skysong Repair Shop had the following transactions during the
first month of business as a proprietorship. Journalize the
transactions. (If no entry is required, select "No
entry" for the account titles and enter 0 for the amounts. Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Aug. 2
Invested $11,630 cash and $2,400 of equipment in the
business.
7
Purchased supplies on account for $490. (Debit asset
account.)
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Performed services for...
Pharoah Repair Shop had the following transactions during the first month of business as a proprietorship. Journalize the transactions. (If no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Aug. 2 7 12. Invested $12,320 cash and $2,710 of equipment in the business. Purchased supplies on account for $480. (Debit asset account.) Performed services for clients, for which $1,193...
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Marin Inc. was opened on August 1 by Joe Marin. The following
selected events and transactions occurred during August.
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Invested $72,000 cash in the business in exchange for common
stock.
3
Purchased O’Brien’s Tree Service for $34,600 cash. The price
consists of land $19,000, building $13,000, and equipment $2,600.
(Make one compound entry.)
5
Advertised the opening of the business, paying advertising
expenses of $1,300.
6
Paid cash $1,360 for a one-year insurance policy.
10
Purchased equipment for...
I'm having issues filling out the journal entries, and I am not
sure on how to calculate the balance, the second one is an example
you don't have to answer, but how would I go about filling it
out?
Vera Ernst is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred. April 1 1 2 3 10 Invested $18,000 cash in her business. Hired a secretary-receptionist at a salary of...
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