Question

5. Harper Sales Consultants completed the following transactions during the latter part of January 2 (Click the icon to view the transactions.) Journalize the transactions of Harper Sales Consultants. Include an explanation with each journal entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 22: Performed services for customers on account, $7,500. Date Accounts and Explanation Debit Credit Jan. 22 (1) Jan. 30: Received cash on account from customers, $8,000. Date Accounts and Explanation Debit Credit Jan. 30 (10) Jan. 31: Received a utility bill, $220, which will be paid during February Date Accounts and Explanation Debit Credit Jan. 31 (11) (12) (13) (14) (15)

Answer 1

Answer:

Journal Entries:

Date	Account title and Explanation	Debit	Credit
Jan.22	Accounts receivable	$7,500
	Service revenue		$7,500
	[Performed service for customers on account]
Date	Account title and Explanation	Debit	Credit
Jan.30	Cash	$8,000
	Accounts receivable		$8,000
	[Received cash on account from customers]
Date	Account title and Explanation	Debit	Credit
Jan.31	Utilities expense	$220
	Accounts payable		$220
	[Received utility bill due in February]
Date	Account title and Explanation	Debit	Credit
Jan.31	Salaries expense	$2,500
	Cash		$2,500
	[Paid monthly salaries to salesman]
Date	Account title and Explanation	Debit	Credit
Jan.31	Cash	$2,310
	Unearned service revenue		$2,310
	[Received three months consulting services in advance]
Date	Account title and Explanation	Debit	Credit
Jan.31	Cash dividends	$950
	Cash		$950
	[Payment of cash dividends]