48 marks, suggested time 30 minutes You are to record journal entries for Star Ltd. (Star)...

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48 marks, suggested time 30 minutes You are to record journal entries for Star Ltd. (Star) for transactions a through h that follow in the grid below. Debits must come before and be on a separate line from credits. There are extra rows in the grid. You are not required to provide explanations, but you should show calculations. You can click on the grid to make the grid larger on your screen. a) Earned service revenue of $40,000. Of this amount, $18,000 was received in cash. The balance was on account. Date Debit account Credit account Debit $ Credit $ a) b) Star purchased equipment that cost $24,000 by paying $2,000 and signing a 6% two-year note payable for the $22,000 balance. Date Debit account b) Credit account Debit $ Credit $ c) Star's equipment that cost $24,000 has an esimated useful life ate Debit account Credit account Debit $ Credit $ c) ) Collected $12,000 that was owing from customers on account. Date Debit account d) Credit account Debit $ Credit $ e) Recorded $4,000 in salaries expense. $3,000 of this amount was paid in cash and $1,000 will be paid next month. Date Debit account e) Credit account Debit $ Credit $ Recorded $4,000 in salaries expense. $3,000 of this amount was aid in cash and $1,000 will be paid next month. Date Debit account Credit account Debit $ Credit $ e) f) Purchased $3,000 of supplies inventory on account (on credit). Date Debit account Credit account Debit $ Credit $ f) g) Of the $3,000 in supplies inventory that was purchased, only $400 of supplies were still on hand at the end of the accounting period. Date Debit account Credit account Debit $ Credit $ g) g) Of the $3,000 in supplies inventory that was purchased, only $400 of supplies were still on hand at the end of the accounting period. Date g) Debit account Credit account Debit $ Credit $ h) Paid $2,400 to suppliers for supplies inventory that were previously purchased on credit (on account). Date Debit account h) Credit account Debit $ Credit $ 48 marks, suggested time 30 minutes You are to record journal entries for Star Ltd. (Star) for transactions a through h that follow in the grid below. Debits must come before and be on a separate line from credits. There are extra rows in the grid. You are not required to provide explanations, but you should show calculations. You can click on the grid to make the grid larger on your screen. a) Earned service revenue of $40,000. Of this amount, $18,000 was received in cash. The balance was on account. Date Debit account Credit account Debit $ Credit $ a) b) Star purchased equipment that cost $24,000 by paying $2,000 and signing a 6% two-year note payable for the $22,000 balance. Date Debit account b) Credit account Debit $ Credit $ c) Star's equipment that cost $24,000 has an esimated useful life ate Debit account Credit account Debit $ Credit $ c) ) Collected $12,000 that was owing from customers on account. Date Debit account d) Credit account Debit $ Credit $ e) Recorded $4,000 in salaries expense. $3,000 of this amount was paid in cash and $1,000 will be paid next month. Date Debit account e) Credit account Debit $ Credit $ Recorded $4,000 in salaries expense. $3,000 of this amount was aid in cash and $1,000 will be paid next month. Date Debit account Credit account Debit $ Credit $ e) f) Purchased $3,000 of supplies inventory on account (on credit). Date Debit account Credit account Debit $ Credit $ f) g) Of the $3,000 in supplies inventory that was purchased, only $400 of supplies were still on hand at the end of the accounting period. Date Debit account Credit account Debit $ Credit $ g) g) Of the $3,000 in supplies inventory that was purchased, only $400 of supplies were still on hand at the end of the accounting period. Date g) Debit account Credit account Debit $ Credit $ h) Paid $2,400 to suppliers for supplies inventory that were previously purchased on credit (on account). Date Debit account h) Credit account Debit $ Credit $