Prepare a journal entry for the purchase of office supplies on March 13 for $6,500, paying $1,300 cash and the remainder on account.
Answer to relevant QuestionsPrepare a journal entry on February 2 for fees earned on account, $6,300.State for each account whether it is likely to have (a) Debit entries only(b) Credit entries only (c) Both debit and credit entries. Also, indicate its normal balance.1. Prepaid Insurance 2. Rent Revenue 3. Li Xu, Drawing 4. ...Mandalay Interiors is owned and operated by Angie Stowe, an interior decorator. In the ledger of Mandalay Interiors, the first digit of the account number indicates its major account classification (1—assets, ...a. On June 1, the cash account balance was $11,150. During June, cash receipts totaled $72,300 and the June 30 balance was $15,750. Determine the cash payments made during June.b. On July 1, the accounts receivable account ...The following errors took place in journalizing and posting transactions:a. A withdrawal of $20,000 by Joel Goodson, owner of the business, was recorded as a debit to Wages Expense and a credit to Cash.b. Rent of $3,600 paid ...
Post your question