Question

Barrington Company has the following chart of accounts: Cash Michelle Barrington, Drawing Accounts Receivable Fees Income Supplies Advertising Expense Office Furniture Rent Expense Equipment Salaries Expense Accounts Payable Telephone Expense Michelle Barrington, Capital Utilities Expense Use this chart of accounts to write journal entries for each of the following transactions. Michelle Barrington invested $16,000 cash to start the business Issued check #101 to pay $1,200 for this month's rent for the office space. Purchased equipment for $7,000; issued check #102 for a $1,400 down payment with the balance due in 30 days. Performed $2,500 services on account for Stable Company. Issued check #103 for $900 for supplies

For Accounting 101 16th edition/

Answer 1

Jounal Entries in the books of Barrington Company

Account Titles and Explanations	Debit	Credit
Cash A/c	$16,000
Capital A/c		$16,000
[To record investment made by mIchele Barrington]
Rent expense A/c	$1,200
Cash A/c		$1,200
[To record check#101  issue to pay Rent]
Equipment	$7,000
Cash A/c		$1,400
Accounts Payable A/c		$5,600
[To record purchase of Equipment check #102]
Accounts Recievable  A/c	$2,500
Fees Income A/c		$2,500
[To record services performed on account]
supplies A/c	$900
Cash A/c		$900
[To record purchase of supplies check #103]

Note: Chart of Accounts given in the question are used for Journal Entries