Selected accounts from the general ledger of Martin Consulting Services follow. Record the general journal entries that
Question:
Selected accounts from the general ledger of Martin Consulting Services follow. Record the general journal entries that would be made to record the following transactions. Be sure to include dates and descriptions in these entries.
101 Cash
111 Accounts Receivable
121 Supplies
137 Prepaid Rent
139 Automobile
141 Equipment
202 Accounts Payable
301 Marcus Martin, Capital
302 Marcus Martin, Drawing
401 Fees Income
511 Rent Expense
514 Salaries Expense
517 Telephone Expense
DATE 20X1 Sept. 1 4 16 20 23 30 30 30 30 30 TRANSACTIONS Marcus Martin invested $40,000 in cash to start the firm. Purchased office equipment for $4,350 on credit from Zappo, Inc.; received Invoice 8925, payable in 30 days. Purchased an automobile that will be used to visit clients; issued Check 1001 for $28,000 in full payment. Purchased supplies for $550; paid immediately with Check 1002. Returned damaged supplies for a cash refund of $105. Issued Check 1003 for $2,100 to Zappo, Inc., as payment on account for Invoice 8925. Withdrew $3,000 in cash for personal expenses. Issued Check 1004 for $4,500 to pay the rent for October. Performed services for $11,325 in cash. Paid $480 for monthly telephone bill, Check 1005.
Step by Step Answer:
DATE TRANSACTIONS DEBIT CREDIT 20X1 Sept 1 Cash 40000Marcus Martin Cap...View the full answer
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
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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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