The following transactions occur for Cardinal Music Academy during the month of October: a. Provide music lessons
Question:
a. Provide music lessons to students for $12,000 cash.
b. Purchase prepaid insurance to protect musical equipment over the next year for $3,600 cash.
c. Purchase musical equipment for $15,000 cash.
d. Obtain a loan from a bank by signing a note for $20,000.
Record the transactions. The company uses the following accounts: Cash, Prepaid Insurance, Equipment, Notes Payable, and Service Revenue?
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a Debit Credit Cash 12000 Service Revenue 12000 Pro...View the full answer
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Related Book For 
Financial Accounting
ISBN: 9780078110825
2nd Edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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