PREPARE JOURNAL ENTERIES TO RECORD EACH OF THE FOLLOWING EVENTS.

1.TOM'S TAX PREP'S MONTHLY RENT IS $3500, AT THE OF FEBRUARY, THEY HAD NOT YET RECEIVED THEIR MONTHLY RENT INVOICE.

2.IN EARLY MARCH , TOM'S TAX PREP RECIEVES AND PAYS THEIR RENT BILL FOR FEBRUARY.

3.MARLA , A MARKETING CONSULTANT ,PERFOMS SERVICES FOR A CLIENT, THE AGREED PRICE WAS $10 000 DUE 30 DAYS FROM THE DATE THE SERVICES WERE COMPLETED.

4.ABC HARDWARE MAKES A SALE(ON CREDIT) FOR $2500 WORTH OF LUMBER. THE LUMBER ORIGINALLY COST THEM $1300.

5.JULIE TAKES OUT A $10000 LOAN FOR BUSINESS,REPAYMENT IS DUE IN ONE YEAR ALONG WITH $1200 INTEREST.

Answer rating: 100% (QA)

To record each of the events in journal entries we need to follow the basic accounting equation whic... View the full answer