Assume Getaway Spa (NGS) started its business on January 1, 2020. Through its operations, NGS had...
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Assume Getaway Spa (NGS) started its business on January 1, 2020. Through its operations, NGS had the following transactions discussed below. Please write out the correct journal entries for each transaction. May 1: Paid $3,000 cash for an insurance policy that covers the period from June 1 until May 31 next year. May 4: Ordered five new massage tables from Spa Supplies Unlimited for $250 cach for future delivery. May 7: Provided $800 of spa services to customers on account. May 10: Reccived spa supplies purchased for $800 on account to use at Nicole's Getaway Spa. May 13: Received a bill for S60 for running an advertisement in the newspaper in May. The bill was paid in cash. May 16: Paid one-quarter of the amount owed from May 10, May 19: Issued S1,900 of gift certificates to customers for cash. May 20: Obtained financing from the bank by signing a $5,000 two-year note payable. May 22: Received two of the massage tables ordered on May 4 and paid for the two tables in cash. May 25: Paid $500 cash for utility bills for services received and billed in May. Assume Getaway Spa (NGS) started its business on January 1, 2020. Through its operations, NGS had the following transactions discussed below. Please write out the correct journal entries for each transaction. May 1: Paid $3,000 cash for an insurance policy that covers the period from June 1 until May 31 next year. May 4: Ordered five new massage tables from Spa Supplies Unlimited for $250 cach for future delivery. May 7: Provided $800 of spa services to customers on account. May 10: Reccived spa supplies purchased for $800 on account to use at Nicole's Getaway Spa. May 13: Received a bill for S60 for running an advertisement in the newspaper in May. The bill was paid in cash. May 16: Paid one-quarter of the amount owed from May 10, May 19: Issued S1,900 of gift certificates to customers for cash. May 20: Obtained financing from the bank by signing a $5,000 two-year note payable. May 22: Received two of the massage tables ordered on May 4 and paid for the two tables in cash. May 25: Paid $500 cash for utility bills for services received and billed in May.
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Jousnal fintues for Jan 1 2020 Date Particulass 0152020 Puefaid Ind... View the full answer
Related Book For
Financial Reporting and Analysis
ISBN: 978-1259722653
7th edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
Posted Date:
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