Question

mheducation.com Saved Required information [The following information applies to the questions displayed below.] Eli owns an insurance office, while Olivia operates a maintenance service that provides basic custodial duties. For the month of May, the following transactions occurred. Olivia decides that she will need insurance for a one-day special event at the end of the month and pays Eli May 2 $270 in advance. May 5 Olivia provides maintenance services to Eli's insurance offices on account, $410. May 7 Eli borrows $470 from Olivia by signing a note. May 14 Olivia purchases maintenance supplies from Spot Corporation, paying cash of $185. May 19 Eli pays $410 to Olivia for maintenance services provided on May 5. May 25 Eli pays the utility bill for the month of May, $132. May 28 Olivia receives insurance services from Eli equaling the amount paid on May 2. May 31 Eli pays $470 to Olivia for money borrowed on May 7. Required: 1. Record transactions for Olivia's Maintenance Services. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 Olivia decides that she will need insurance for a one-day special event at the < Prey 10 11 of 20 Next >

Answer 1

Olivia Books of Accounts
S. No	Date	Account Names	Debit	Credit
1	May-02	Prepaid Insurance	270
		Cash/Bank		270
2	May-05	Accounts Receivable	410
		Service Income		410
3	May-07	Note Receivable	470
		Cash/Bank		470
4	May-14	Supplies	185
		Cash		185
5	May-19	Cash/Bank	410
		Accounts Receivable		410
6	May-28	Insurance Expenses	270
		Prepaid Insurance		270
7	May-31	Cash/Bank	470
		Interest Income		60
		Note Receivable		410
			2,485	2,485
Eli Books of Accounts
S. No	Date	Account Names	Debit	Credit
1	May-02	Cash/Bank	270
		Advance From Customers		270
2	May-05	Maintenance Expenses	410
		Accounts Payable		410
3	May-07	Cash/Bank	470
		Note Payable		470
4	May-19	Accounts Payable	410
		Cash/Bank		410
5	May-25	Utilities	132
		Cash/Bank		132
6	May-28	Insurance Expenses	270
		Prepaid Insurance		270
7	May-31	Note Payable	410
		Interset Expenses	60
		Cash/Bank		470
			2,432	2,432