Make the respective entries to the Journal of the different transactions. In each transaction there are the
Question:
Make the respective entries to the Journal of the different transactions. In each transaction there are the accounts that are affected.
The amount of $300.00 of the prepaid rent was used. The amount of $200.00 prepaid in insurance was used. The amount of $100.00 of depreciation expense was recorded. $400.00 was paid from the checking account to pay for basic services (utilities). Customer service was performed for $2,000.00 and the customer paid cash to the checking account. Equipment was purchased on credit for $5,000.00. The $300.00 phone bill was paid from the checking account. Work was performed for a client on credit for $8,000.00. There was a maintenance expense of $200.00 and it was paid in cash from the checking account. A car was purchased for business use worth $10,000.00, of which $2,000.00 was paid in cash and the remainder on credit. A payment was made on a debt for $1,000.00 in cash. A customer was provided with credit service for the maintenance of his vehicle for $600.00.
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina