1) Tabor Hill Design entered into the following nine transactions during 2020. Write the journal entries required to record each transaction.

(a) Provide website design services for $40,000. Received cash.

(b) Provide website design services to Acme Company, for $20,000 on account. Tabor Hill expects Acme to pay in the future.

(c) Collect $18,000 from Acme Company on account.

(d) Sell a $1,000 gift certificate to a customer.

(e) A customer redeems a $1,000 gift certificate for website design services, and Tabor designs the customer’s website.

(f) Pay employees $16,000 of wages that they earned during the period.

(g) Pay $3,000 insurance for next year in advance.

(h) Receive a $250 telephone bill for 2020, to be paid in 2021.

(i) Receive a $500 utility bill for 2020, and pay it immediately.

Answer rating: 100% (QA)

Solution Journal entries Date Particulars Debit Credit a Cash 40000 Service Revenue 40000 Be... View the full answer