Question: Following are the December transactions of Cerullo Electrical Contractors Dec 1 Purchased

Following are the December transactions of Cerullo Electrical Contractors.
Dec.1 Purchased supplies for $300.
Dec.3 Paid $250 electricity bill for November that had been properly recorded with an adjusting entry on November 30.
Dec.9 Paid employee salaries for first week of December, $1,200. No salaries had been previously accrued.
Dec.16 Received $600 for interest that had been earned in November on a bank account. An appropriate adjusting journal entry had been recorded for this item on November 30.
Dec.22 Received $1,700from customer in payment of account receivable.
Dec.26 Paid January rent on leased office space, $400.
Dec.30 Received $2,500 advance payment from a customer for work to be performed in January.
Dec.31 Purchased equipment on credit for $3,000.
(a) Prepare general journal entries for these transactions.
(b) Identify which accounts affected by the journal entries prepared in part (a) are deferred expenses, deferred revenues, accrued assets, or accrued liabilities.

  • CreatedMarch 27, 2015
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