Question

 The May transactions of Pina Colada Corp, were as follows.

 May 4

 Paid $870 due for supplies previously purchased on account.

 7

 Performed advisory services on account for $7,080.

 8

 Purchased supplies for $810 on account.

 9

 Purchased equipment for $2.790 in cash.

 17

 Paid employees $740 in cash.

 22

 Received bill for equipment repairs of $840.

 29

 Paid $1.200 for 12 months of insurance policy. Coverage begins June 1.

 Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles

 are automatically indented when amount is entered. Do not indent manually. Record joumal entries in the order presented in the problem)

 On April 1. Kingbird, Inc. began operations. The following transactions were completed during the month.

 1.

 Issued common stock for $17.800 cash.

 2.

 Obtained a bank loan for $5.200 by issuing a note payable.

 3.

 Paid $8. 100 cash to buy equipment.

 4.

 Paid $900 cash for April office rent.

 5.

 Paid $1.050 for supplies.

 6.

 Purchased $440 of advertising in the Daily Herald, on account.

 7.

 customers on account.

 Performed services for $13.300: cash of $1.480 was received from customers, and the balance of $11,820 was billed to

 8.

 Paid $300 cash dividend to stockholders.

 9.

 Paid the utility bill for the month, $1.480.

 10.

 Paid Daily Herald the amount due in transaction (6).

 11.

 Paid $30 of interest on the bank loan obtained in transaction (2).

 12.

 Paid employees' salaries, $4,740.

 13.

 Received $8.880 cash from customers billed in transaction (7).

 14.

 Paid income tax, $1.110.

 Journalize the transactions. If no entry is requined, select "No Entry" for the account titles and enter O for the amounts. Credit account titles

 are automatically indented when amount is entered. Do not indent manually)

Answer 1

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	Pina Colada
Date	Journal Entry	Debit $	Credit $
4-May	Accounts payable	870.00
	Cash		870.00
7-May	Accounts Receivable	7,080.00
	Service Revenue		7,080.00
8-May	Supplies	810.00
	Accounts payable		810.00
9-May	Equipment	2,790.00
	Cash		2,790.00
17-May	Wages Expense	740.00
	Cash		740.00
22-May	Repairs Expense	840.00
	Accounts Payable		840.00
29-May	Prepaid Insurance	1,200.00
	Cash		1,200.00
	Kingbird Inc.
Date	Journal Entry	Debit $	Credit $
1-Apr	Cash	17,800.00
	Common Stock		17,800.00
2-Apr	Cash	5,200.00
	Bank Loan		5,200.00
3-Apr	Equipment	8,100.00
	Cash		8,100.00
4-Apr	Rent Expense	900.00
	Cash		900.00
5-Apr	Supplies	1,050.00
	Cash		1,050.00
6-Apr	Advertising Expense	440.00
	Accounts payable		440.00
7-Apr	Accounts Receivable	11,820.00
	Cash	1,480.00
	Service Revenue		13,300.00
8-Apr	Dividends	300.00
	Cash		300.00
9-Apr	Utility Expense	1,480.00
	Cash		1,480.00
10-Apr	Accounts payable	440.00
	Cash		440.00
11-Apr	Interest Expense	30.00
	Cash		30.00
12-Apr	Salary Expense	4,740.00
	Cash		4,740.00
13-Apr	Cash	8,880.00
	Accounts Receivable		8,880.00
14-Apr	Income Tax Expense	1,110.00
	Cash		1,110.00