Prepare journal entries for the January 2018 transactions 7-12 7 12-Jan Received $3,100 cash advance from...
Prepare journal entries for the January 2018 transactions 7-12
| 7 | 12-Jan | Received $3,100 cash advance from Anthony Inc. on future consulting services |
| 8 | 17-Jan | Completed a consulting assignment and received $2,400 for the services performed |
| 9 | 21-Jan | Paid for insurance coverage for the year (January through December) $1,800 |
| 10 | 25-Jan | Received $1,000 from ABC Co. (see transaction #6) |
| 11 | 26-Jan | Paid secretary $2,000 for four weeks from 1/2/2018 - 1/27/2018 |
| 12 | 31-Jan | Declared and paid a dividend to stockholders of $400 |
Homework Answers
| sno | Date | Accounts | Debit | Credit |
| 7 | Jan 12 | Cash | 3,100 | |
| Unearned service revenue | 3,100 | |||
| 8 | Jan 17 | Cash | 2,400 | |
| Service revenue | 2,400 | |||
| 9 | Jan 21 | Prepaid insurance | 1,800 | |
| Cash | 1,800 | |||
| 10 | Jan 25 | Cash | 1,000 | |
| Accounts receivable -ABC co. | 1,000 | |||
| 11 | Jan 26 | Salaries and wages expense | 2,000 | |
| Cash | 2,000 | |||
| 12 | Jan 31 | Retained earnings | 400 | |
| Dividends payable | 400 | |||
| (to record declaration of dividends) | ||||
| Jan 31 | Dividends payable | 400 | ||
| Cash | 400 | |||
| (to record payment of dividends) |
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Prepare journal entries for the January 2018 transactions
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