Question

I want to know that transaction which one will assign into the "PR " box. Please provide a explanation of "PR"
Snip & Sketch New 2 5 Problem 2-2A Preparing General Journal entries LO3,5,6 Bruce Ibach owns Biotech Fitness Centre, which showed the following selected transactions for the month ended May 31, 2021 May 2 1 Purchased new equipment, paying cash of $14,000 and signing a 90-clay note payable for the balance of $32,000. Prorchased 12 months of insurance to begin May 2; paid $24,000. 3 Completed a fitness contract for a group of clients today and received $6,000. 4 Purchased office supplies on account: $3,750. 6 Returned to the supplier 5750 of defective office supplies purchased on May 4. 10 Provided services to a client today on account: $11,500. 15 Paid for the May 4 purchase less the return of May 6. 20 Received payment from the client of May 10. 25 freceived cash of $2,500 from a client for work to be done in June. 31 Paid month-end salaries of $47,000. 31 Paid the way telephone bill today: 52,250. 31 Received the may ctectrical bill today, $3,700. It will be paid on June 15 Required Prepare General Journal entries for each of the above transactions. Type here to search O 9 ENG 10:09 PM 9/20/2020

Answer 1

PR refers to Posting Reference, you are supposed to put the ledger account number over here, for the reference purpose. During the posting process, the account number of account found in the ledger is entered in this field.

Basically, it is just to relate and identify the ledger posting for a particular jouurnal entry.

So, here for the above questions provided you need not to put anything in the column because you are just asked to prepare the journal entries and not the ledger accounts.

Problem: 2-2A JOURNAL ENTRIES

Date	Account Title and Explanation	P.R.	Debit $	Credit $
May 1	Equipment		46,000
	Cash			14,000
	Notes payable			32,000
	(To record purchase of equipment)
May 2	Prepaid Insurance		24,000
	Cash			24,000
	(To record payment for insurance purchased)
May 3	Cash		6,000
	Service revenue			6,000
	(To record amount received after completing a fitness contract)
May 4	Supplies		3,750
	Accounts payable			3,750
	(To record puchase of supplies on account )
May 6	Accounts payable		750
	Supplies			750
	(To record return of supplies purchased on May4)
May 10	Accounts receivable		11,500
	Service revenue			11,500
	(To record service provided to client on account)
May 15	Accounts payable ($ 3,750 - 750)		3,000
	Cash			3,000
	(To record payment made for purchase made on May4 after adjusting returns on May 6)
May 20	Cash		11,500
	Accounts receivable			11,500
	(To record amount received from client of May 10)
May 25	Cash		2,500
	Service revenue received in advance			2,500
	(To record cash received for work to be done in June)
May 31	Salaries expense		47,000
	Cash			47,000
	(To record payment of month end salaries)
May 31	Telephone expense		2,250
	Cash			2,250
	(To record payment of telephone expense)
May 31	Electricity expense		3,100
	Electricity expense payable			3,100
	(To record electricity bill to be paid on 15 June)

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