Question

Will upvote!

a. Received $18,000 from sale of common stock. If an amount box does not require an entry, leave it blank. b. Purchased equipment for $27,000, paying $10,000 in cash and giving a note payable for the remainder. If an amount box does not require an entry, leave it blank. Paid $2,300 for rent for April. If an amount box does not require an entry, leave it blank. d. Purchased $1,500 of supplies on account. If an amount box does not require an entry, leave it blank. e. Recorded $9,800 of fees earned on account. If an amount box does not require an entry, leave it blank. f. Received $7,500 in cash for fees earned. If an amount box does not require an entry, leave it blank. g. Paid $1,200 to creditors on account. If an amount box does not require an entry, leave it blank.

Answer 1

No.	Account titles and Explanations	Debit	Credit
a.	Cash	$ 18,000
	Common Stock		$ 18,000
	(To record the Cash from sale of Stock )
b.	Equipment	$ 27,000
	Cash		$ 10,000
	Notes Payable - Bal. Fig.		$ 17,000
	(To record the Purchase of Equipment )
c.	Rent	$ 2,300
	Cash		$ 2,300
	(To record the rent paid )
d.	Supplies	$ 1,500
	Accounts payable		$ 1,500
	(To record the Purchase of Supplies on account )
e.	Accounts Receivable	$ 9,800
	Fees Revenue		$ 9,800
	(To record the fees earned on account )
f.	Cash	$ 7,500
	Fees Revenue		$ 7,500
	(To record the fees earned in Cash )
g.	Accounts payable	$ 1,200
	Cash		$ 1,200
	(To record the payment to creditors on account )