Question

Calibri (Body) de Wrap Text General Paste В І у A Merge & Center $ % ) 48 % Cel Po A1 x fx P1.1 Study the transactions for the month of March 2019 shown in the following list and А B a Account Titles 2 4 5 P1.1 Study the transactions for the month of March 2019 shown in the following list and record the necessary journal entries. Use the following account titles shown by category: Balance Sheet Accounts Cash, Credit Card Receivable, Accounts Receivable, Food Inventory, Beverage Inventory, Prepaid Rent, Prepaid Insurance, Supplies, Equipment and Furnishings Liabilities Accounts Payable, Note Payable Owner's Equity Capital Assets b. 6 Account Titles 7 8 9 10 C. 11 Income Statement Accounts Sales Revenue, Salaries Expense, Wage Expense and Interest Expense Account Titles 2 3 d. 6 C. Account Titles 7 d. 4a. The owner opened a business account and deposited $60,000 in the bank. 5 b. borrowed and deposited $30,000 on a note payable to the bank. paid 1 year of rent in advance on the restaurant space, $18,000 cash. purchased equipment $46,000; $16,000 in cash and the balance on account e. Furnishings were purchased for $30,400 cash. f. The owner purchased $3,200 of food inventory on account and paid $3,800 cash for beverage inventory 3 Account Titles

Answer 1

ANSWER

A. CASH   DR $60,000

CAPITAL CR $60,000

B. CASH DR $30,000

NOTE PAYABLE CR $30,000

C. PREPAID RENT DR $18,000

CASH CR $18,000

D. EQUIPMENT AND FURNISHINGS DR $46,000

CASH CR $16,000

ACCOUNT PAYABLE CR $30,000

E. EQUIPMENT AND FURNISHINGS DR $30,400

CASH CR $30,400

F. FOOD INVENTORY DR $3,200

BEVERAGE INVENTORY    DR $3,800

CASH    CR $3,800

ACCOUNT PAYABLE    CR $3,200