Journal entries

Cash (Asset) + Customer Receivables (Asset) + Sales (Revenue) = $500

Supplies (Asset) + Accounts Payable (Liability) = $200

Wages Expense (Expense) + Wages Payable (Liability) = $1,000

Rent Expense (Expense) + Cash (Asset) = $1,500

Cash (Asset) + Utility Expense (Expense) = $500

Customer Receivables (Asset) + Sales (Revenue) = $800

Cash (Asset) + Customer Receivables (Asset) = $800

Accounts Payable (Liability) + Cash (Asset) = $200

Depreciation Expense (Expense) + Depreciation (Contra Asset) = $500

Cash (Asset) + Gain on Sale of Asset (Income) = $1,500

Prepare the t-account and balance sheet.

Answer rating: 100% (QA)

To prepare the taccounts and balance sheet we need to keep track of the changes in each account due ... View the full answer