Question

for the am Journalize the following transactions for Oriole Company. (If no entry is required, select "No Entry" for the account titles and enter automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Sept. 1 Purchased supplies for $960 cash. 5 Paid $350 cash dividend to stockholders. 7 Received $4,900 down payment from customer for services to be provided in the future. 16 Received $710 cash from a previously billed customer for payment of services provided in the prior month. 22 Purchased equipment for $2,400 by paying $800 cash and issued a note payable for the balance. Account Titles and Explanation Debit Credit Date c

Answer 1

Creidt Debit $960 Date Account Title and Explanation Sept. 1 Supplies Cash (Purchased Supplies on cash) $960 $350 Sept. 5 Dividend Cash (Dividend paid in cash to shareholders) $350 $4,900 Sept. 7 Cash Unearned Revenue (Cash received in advane from customer) $4,900 $710 Sept. 16 Cash Accounts Receivable (Cash received from Debtors billed previously) $710 $2,400 Sept. 22 Equipment Cash Notes Payable (Equipment purchased and paid cash $800 and issued Notes Payable for remaining) $800 $1,600

Note: on Sept 7 instead of crediting Unearned Revenue you can also credit Accounts Receivable (in that case Accounts Receivable may also go negative or credit balance)

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