The following transactions occur for Cardinal Music Academy during the month of October:
a. Provide music lessons to students for $14,500 cash.
b. Purchase prepaid insurance to protect musical equipment over the
next year for $3,900 cash.
c. Purchase musical equipment for $17,500 cash.
d. Obtain a loan from a bank by signing a note for $25,000.
Record the transactions. The company uses the following accounts: Cash, Prepaid Insurance, Equipment, Notes Payable, and Service Revenue.
Do a journal entry worksheet for each transaction (from a to d).
Homework Answers
| No | Account | Debit | Credit |
| A | Cash | 14,500 | |
| Service Revenue | 14,500 | ||
| B | Prepaid insurance | 3,900 | |
| Cash | 3,900 | ||
| C | Equipment | 17,500 | |
| Cash | 17,500 | ||
| D | Cash | 25,000 | |
| Notes payable | 25,000 |
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