Question

Examine the following transactions and identify those that create expenses for Jade Services. Prepare general journal entries to record those expense transactions and explain why the other transactions did not create expenses.
a. The company paid $14,100 cash for payment on a 14-month old liability for office supplies.
b. The company paid $1,125 cash for the just completed two-week salary of the receptionist.
c. The company paid $45,000 cash for equipment purchased.
d. The company paid $930 cash for this month’s utilities.
e. Owner (Jade) withdrew $5,000 cash from the company for personal use.



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  • CreatedDecember 27, 2012
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