Question

Here is the ledger for Pharoah Company. Cash Oct. 1 8,570 Oct.4 1,970 Oct. 10 2,550 Oct. 12 3,070 Oct. 10 9,570 Oct. 15 390 Oct. 20 840 Oct. 30 440 Oct. 25 3,570 Oct. 31 640 Accounts Receivable Oct. 6 940 Oct. 20 840 Oct. 20 1,060 Supplies Oct. 4 1,970 Oct. 31 1,750 Equipment Oct. 3 4,570 Notes Payable Oct. 10 9,570 Accounts Payable Oct. 123,070 Oct. 3 4,570

Answer 1

Journal Entries:

Date	Account Titles and Explanations	Debit	Credit
Oct. 25	Cash	$8,570
	Common Stock		$8,570
	(To record the shared issued for cash)
Oct. 10	Cash	$2,550
	Service Revenue		$2,550
	(To record the cash received for services provided)
Oct. 10	Cash	$9,570
	Notes Payable		$9,570
	(To record the notes payable issued for cash)
Oct. 20	Cash	$840
	Accounts Receivable		$840
	(To record the cash received in payment of account)
Oct. 20	Accounts Receivable	$1,060
	Service Revenue		$1,060
	(To record clients billed for services provided)

	Debit	Credit
Cash	$18,590
Accounts Receivable	$1,160
Supplies	$220
Equipment	$4,570
Notes Payable		$9,570
Accounts Payable		$1,500
Common Stock		$12,140
Dividends	$440
Service Revenue		$4,550
Salaries and Wages Expense	$640
Supplies Expense	$1,750
Rent Expense	$390
Totals	$27,760	$27,760