Identifying accounting events from journal entries
Required
The following information is from the records of Swan Design. Write a brief explanation of the accounting event represented in each of the general journal entries.
Date | Account Titles | Debit | Credit |
Jan. 1 | Cash
| 12,500 |
|
Common Stock |
| 12,500 | |
Feb. 10 | Supplies
| 1,550 |
|
Accounts Payable |
| 1,550 | |
Mar. 1 | Cash
| 13,000 |
|
Unearned Revenue |
| 13,000 | |
Apr. 1 | Prepaid Rent | 10,200 |
|
Cash |
| 10,200 | |
20 | Accounts Receivable | 18,400 |
|
Service Revenue |
| 18,400 | |
June 15 | Salaries Expense | 6,100 |
|
Cash |
| 6,100 | |
30 | Property Tax Expense | 3,000 |
|
Cash |
| 3,000 | |
July 28 | Cash
| 9,300 |
|
Service Revenue |
| 9,300 | |
Aug. 30 | Dividends | 3,000 |
|
Cash |
| 3,000 | |
Sept. 19 | Cash
| 16,000 |
|
Accounts Receivable |
| 16,000 | |
Dec. 31 | Supplies Expense | 2,025 |
|
Supplies |
| 2,025 | |
31 | Rent Expense | 6,400 |
|
Prepaid Rent |
| 6,400 | |
31 | Unearned Revenue | 8,500 |
|
Service Revenue |
| 8,500 |
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