Question

3-14 1-9 & B B: prepare T accounts from the journal entries completed in a cash t account assume a beginning balance of 10,000. balance a month? at was the Accounts Receivable Exercise 3-14 Journal Entries 03 5.6 EXAMPLE 34,35 re the journal entry to record each of the following independent transactions. (Use the numbe L Services provided on account of $1,530 2. Purchases of supplies on account for $1,365 3. Services provided for cash of $750 4. Purchase of equipment for cash of s4,240 r of the transaction in licu of a date for identification purposes.) Issuance of a promissory note for $2,500 6. Collections on account for $890 7. Sale of capital stock in exchange for a parcel of land; the land is appraised at $50,000 8. Payment of $4,000 in salaries and wages Payment of open account in the amount of $500

Answer 1

Accounts Payable
Description	Amount		Description	Amount
To cash	500		By supplies	1365
To Balance C/d	865
Total	1365		Total	1365
Cash
Description	Amount		Description	Amount
To Opening Balance	10000		By equipments	4240
To Revenue	750		By accounts payables	500
To Notes Payables	2500		By Balance C/d	13400
TO accounts receivables	890
To sales	4000
Total	18140		Total	18140
Equipment
Description	Amount		Description	Amount
To cash	4240		BY balance C/d	4240
Total	4240		Total	4240
Land
Description	Amount		Description	Amount
To common stock	50000		BY balance C/d	50000
Total	50000		Total	50000
Common stock
Description	Amount		Description	Amount
To Balance C/d	50000		By Land	50000
Total	50000		Total	50000
Accounts Receivables
Description	Amount		Description	Amount
To sales	1530		By cash	890
			By Balance C/D	640
Total	1530		Total	1530
Supplies
Description	Amount		Description	Amount
To Accounts payable	1365		By Balance C/D	1365
Total	1365		Total	1365
Sales
Description	Amount		Description	Amount
To Balance C/d	2280		By accounts receivables	1530
			By cash	750
Total	2280		Total	2280
Notes Payables
Description	Amount		Description	Amount
To Balance C/d	2500		By cash	2500
Total	2500		Total	2500