Zach's Computer Repair has the following chart of accounts: The Following transactions were completed during October for
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Zach's Computer Repair has the following chart of accounts:
The Following transactions were completed during October for the current year:
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Acct. Number 101 106 124 128 163 167 Account Name Cash Accounts Receivable Supplies Prepaid Insurance Office Equipment Auto Equipment Acct. Number 201 301 302 401 622 637 652 Account Name Accounts Payable Z. Williams, Capital Z. Williams, Withdrawals Repair Fees Earned Salaries Expense Insurance Expense Supplies Expense October 482246LEN 21 29 31 Began a auto repair shop by investing $65,000 cash and $35,000 auto equipment. Purchased $800 of supplies on credit. Paid $12,000 for an insurance policy covering the next two years. Completed computer repair work for another customer on credit, $750. Completed computer repairs for a customer and collected $550 cash. Received $750 cash for the work performed on credit on October 19. Paid for the supplies purchased on credit on October 5. Paid $1,700 for the October salary of the office administrative assistant. Zack Williams withdrew $2,000 cash from the repair shop to pay personal expenses. Required: Prepare the general journal entries to record these transactions. Acct. Number 101 106 124 128 163 167 Account Name Cash Accounts Receivable Supplies Prepaid Insurance Office Equipment Auto Equipment Acct. Number 201 301 302 401 622 637 652 Account Name Accounts Payable Z. Williams, Capital Z. Williams, Withdrawals Repair Fees Earned Salaries Expense Insurance Expense Supplies Expense October 482246LEN 21 29 31 Began a auto repair shop by investing $65,000 cash and $35,000 auto equipment. Purchased $800 of supplies on credit. Paid $12,000 for an insurance policy covering the next two years. Completed computer repair work for another customer on credit, $750. Completed computer repairs for a customer and collected $550 cash. Received $750 cash for the work performed on credit on October 19. Paid for the supplies purchased on credit on October 5. Paid $1,700 for the October salary of the office administrative assistant. Zack Williams withdrew $2,000 cash from the repair shop to pay personal expenses. Required: Prepare the general journal entries to record these transactions.
Expert Answer:
Answer rating: 100% (QA)
Entry 1 Date GL Code GL Account Debit Credit 02Oct20 101 Cash Ac 6500000 02Oct20 167 Auto Equipm... View the full answer
Related Book For
Financial Accounting Information for Decisions
ISBN: 978-1259917042
9th edition
Authors: John J. Wild
Posted Date:
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