Blue Computer had the following transactions during the month of May. 1. Purchased equipment on account...

Transcribed Image Text:

Blue Computer had the following transactions during the month of May. 1. Purchased equipment on account for $9,700. 2. Paid $1,500 for rent for the month of May. 3. Performed computer services for $3,900 on account. 4. Paid Buffalo Hydro $400 cash for utilities used in May. 5. Borrowed $25,000 from the bank. 6. Paid supplier for equipment purchased in transaction (1). 7. Purchased a one-year insurance policy for $550 cash. 8. Received $3,150 cash in partial payment of the account owed in transaction (3). 9. Declared and paid $400 of dividends to stockholders. 10. Paid incomes taxes of $230 for the month. Journalize the above transactions. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) No. Account Titles and Explanation Debit Credit 1. Blue Computer had the following transactions during the month of May. 1. Purchased equipment on account for $9,700. 2. Paid $1,500 for rent for the month of May. 3. Performed computer services for $3,900 on account. 4. Paid Buffalo Hydro $400 cash for utilities used in May. 5. Borrowed $25,000 from the bank. 6. Paid supplier for equipment purchased in transaction (1). 7. Purchased a one-year insurance policy for $550 cash. 8. Received $3,150 cash in partial payment of the account owed in transaction (3). 9. Declared and paid $400 of dividends to stockholders. 10. Paid incomes taxes of $230 for the month. Journalize the above transactions. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) No. Account Titles and Explanation Debit Credit 1.

Answer rating: 100% (QA)

Answer Here are the journal entries for the transactions 1 Purchased equipment on account for 9... View the full answer