Homework Answers
Answer is as follows:
1. Journal Entries:
Aug 1: Inventory a/c Dr $850
To Accounts payable a/c $850
Aug 8: Cash a/c Dr $125
To Advance deposit a/c $125
Aug 20 : Accounts Receivable a/c Dr $1250
To Rental Revenue a/c $1250
Aug 31: Utility expense a/c Dr $180
To Cash a/c $180
Aug 31: Cash a/c Dr $600
To Accounts Receivable a/c $600
2. b. financed by the owners and/or creditors.
Assets are purchased using owners equity and long term debt.
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