Question

Jade Corporation experienced the following transactions during the current accounting period. In the space below, prepare journal entries, in good form, for these transactions. Jan.2 Collected $9,000 on account from clients. Jan.5 Paid $5,000 for this month's rent on the office building. Jan. 8 Purchase $1,200 of supplies on account. Jan. 10 Received $15,000 cash for services completed this accounting period. Jan. 13 Paid $1,200 to its supplier to satisfy the account from the January 8 purchase. Jan. 18 Received $6,000 from a customer for services that will be performed during the next accounting period. Jan. 20 Paid $1,500 for 6 months of insurance coverage. Edit Insert Format Tools Table 12pt Paragraph BIU A evrov >

Answer 1

Jan 2 Cash a/c ......................Dr 9000

To Debtors 90000

( Cash collected from clients)

Jan 5 Rent a/c ......................Dr 5000

To Cash 50000

(Paid rent of office building)

Jan 8 Purchase a/c ..............Dr 1200

To Creditors 1200

( Purchased supplies on credit)

Jan 10 Cash a/c.................Dr 15000

To Debtors 15000

(Received cash for services)

Jan 13 Creditors a/c..............Dr 1200

To Cash 1200

(Paid cash to creditors)

Jan 18 Cash a/c ................Dr 6000

To Debtors 6000

(Received in advance)

Jan 20 Insurance coverage Dr ....1500

To Cash 1500

(Paid insurance coverage)