Fanatic Fone Fixers’ chart of accounts contained the following accounts: Cash at bank; Accounts receivable; Equipment; Accounts payable; T. Hudson, drawings; Service fees; Salaries expense; and Promotional expense. Ignore GST.

The following transactions occurred during the month of March:

Required

(a) Prepare the general journal entries to record the transactions (ignore GST).

(b) For each transaction above, prepare an analysis similar to those shown in illustrative examples in this chapter of the text.

Transcribed Image Text:

June 1 T. Hudson withdrew $620 cash for personal use. 5 Purchased new equipment for $3000. Paid $500 deposit with a bank transfer and the balance to be paid within 60 days. 9 Paid for promotion to an online search engine provider, $460. 14 Paid $240 to creditors for office supplies that had been purchased on credit in the previous month. 18 Paid salaries of $680. 22 Received $300 from customers to reduce their account balances. 30 Service fees of $15 000 were earned during the month. Of this, 70% of the fees were collected via direct debit and 30% will be paid within 60 days.