Question

Please journalize the following transactions:

C. This problem extends Need-To-Know 1-6 from Chapter 1: Jasmine Worthy started a haircutting business called Expressions. The following events occurred during its first month. a. Aug. 1 Worthy invested $3,000 cash and $15,000 of equipment in Expressions. b. 2 Expressions paid $600 cash for furniture for the shop. 3 Expressions paid $500 cash to rent space in a strip mall for August. d. 4. Expressions purchased $1,200 of equipment on credit for the shop (recorded as accounts payable). e. 15 Expressions opened for business on August 5. Cash received from haircutting services in the first week and a half of business (ended August 15) was $825. f. 16 Expressions provided $100 of haircutting services on account. g. 17 Expressions received a $100 check for services previously rendered on account. h. 18 Expressions paid $125 to an assistant for hours worked for the grand opening. i. 31 Cash received from services provided during the second half of August was $930. 31 Expressions paid $400 cash toward the account payable entered into on August 4. k. 31 Worthy made a $900 cash withdrawal from the company for personal use. Required 1. Open the following ledger accounts in balance column format (account numbers are in parentheses): Cash (101); Accounts Receivable (102); Furniture (161); Store Equipment (165); Accounts Payable (201); J. Worthy, Capital (301); J. Worthy, Withdrawals (302); Haircutting Services Revenue (403); Wages Expense (623); and Rent Expense (640). Prepare general journal entries for the transactions.

Answer 1

Please hit LIKE button if this helped. Event Date Account Debit Credit a Aug 1 $ 3,000 $ 15,000 Cash Equipment Capital, Worthy (To record investment made) $ 18,000 Гь b Aug 2 $ 600 Furniture Cash (To record purchase of furniture) $ 600 Aug 3 $ 500 Rent Expense Cash (To record rent expense) $ 500 d Aug 4 $ 1,200 Equipment Accounts Payable (To record purchase of equipment) $ 1,200 e Aug 15 $ 825 Cash Haircutting Service Revenue (To record service revenue) $ 825 f Aug 16 $ 100 Accounts Receivable Haircutting Service Revenue (To record service revenue) $ 100 Aug 17 $ 100 Cash Accounts Receivable (To record cash received) $ 100 h Aug 18 $ 125 Wages Expense Cash (To record wages expenses) $ 125 Aug 31 $ 930 Cash Haircutting Service Revenue (To record service revenue) $ 930 j Aug 31 $ 400 Accounts Payable Cash (To record payment made) $ 400 k Aug 31 $ 900 Withdrawal, J Worthy Cash (To record withdrawal made) $ 900