Question

Set up a general journal and record the following selected transactions? January 2... purchased 1 year insurance policy for $600 3. Bought $350 supplies on credit 8. Paid $200 employee wages 9. Did a $400 job for a customer on credit 12. Paid half the amount owed for the supplies 14. Collection in full from the January 9 customer Please help me with this question thanks a lot.

in general journal format/credit debit

Answer 1

Date Account Ref. Debit Credit $ 600 Jan-02 Prepaid insurance Cash (Purchased insurance ) $ 600 $ 350 Jan-03 Supplies Account Payable (Bought supplies on credit) $ $ 350 $ 350 Jan-08 Salary expense Cash (Paid salary to employees) $ 350 $ 200 Jan-09 Account recievable Service revenue (Service provided on credit) $ $ 200 $ 175 Jan-12 Account payable Cash (Paid half amt to creditors) $ $ 175 $ 400 Jan-14 Cash Accounts recievable (Collected cash from debtors) $ $ 400