Prepare journal entries to record the following August 2017 transactions of a new business called The Pixel
Question:
Prepare journal entries to record the following August 2017 transactions of a new business called The Pixel Shop.
Aug.
1. Joseph Eetok, the owner, invested $20,000 cash and photography equipment with a fair value of $42,000.
1. Rented a studio, paying $12,000 for the next three months in advance.
5. Purchased office supplies for $1,800 cash.
20. Received $9,200 in photography revenue.
31. Paid $1,400 for August utilities.
Step by Step Answer:
General Journal Page G1 Date Account Titles and Explanation PR Debit Credit 2017 Aug 1 Cash 101 ...View the full answer
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian Edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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