1. Provided services for $28500 cash. 2. Machinery is purchased for $20500 cash. 3. Inventory worth...

 

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1. Provided services for $28500 cash. 2. Machinery is purchased for $20500 cash. 3. Inventory worth $28000 is bought on account. 4. Borrowed $114000 cash from the bank. 5. Paid $21300 to credit suppliers. 6. Damaged inventory purchased on credit at a cost of $3600 was returned to supplier. 7. Wages totalling $26000 were paid for the period. Required: Record the effect of the above transactions in the journal entries below. 1. Provided services for $28500 cash. Date Name of account Dr 1 Cr 2. Machinery is purchased for $20500 cash. Date Name of account Dr 1 Cr 3. Inventory worth $28000 is bought on account. Date Name of account Dr 1 Cr 4. Borrowed $114000 cash from the bank. Date Name of account 1 Dr Cr 5. Paid $21300 to credit suppliers. Date 1 Name of account Dr Cr 6. Damaged inventory purchased on credit at a cost of $3600 was returned to supplier. Date Name of account Dr 1 Cr 7. Wages totalling $26000 were paid for the period. Date Name of account Dr 1 B Cr 1. Provided services for $28500 cash. 2. Machinery is purchased for $20500 cash. 3. Inventory worth $28000 is bought on account. 4. Borrowed $114000 cash from the bank. 5. Paid $21300 to credit suppliers. 6. Damaged inventory purchased on credit at a cost of $3600 was returned to supplier. 7. Wages totalling $26000 were paid for the period. Required: Record the effect of the above transactions in the journal entries below. 1. Provided services for $28500 cash. Date Name of account Dr 1 Cr 2. Machinery is purchased for $20500 cash. Date Name of account Dr 1 Cr 3. Inventory worth $28000 is bought on account. Date Name of account Dr 1 Cr 4. Borrowed $114000 cash from the bank. Date Name of account 1 Dr Cr 5. Paid $21300 to credit suppliers. Date 1 Name of account Dr Cr 6. Damaged inventory purchased on credit at a cost of $3600 was returned to supplier. Date Name of account Dr 1 Cr 7. Wages totalling $26000 were paid for the period. Date Name of account Dr 1 B Cr