Question

View Policies -11 Current Attempt in Progress The May transactions of Concord Corporation were as follows. May 4 Paid $860 due for supplies previously purchased on account, 7 Performed advisory services on account for $7,490. 8 Purchased supplies for $840 on account. 9 Purchased equipment for $1,940 in cash. Paid employees $500 in cash. Received bill for equipment repairs of $810, Paid $1,190 for 12 months of insurance policy. Coverage begins June 1. 17 22 29 Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Credit Debit

Answer 1

Date	Accounts titles and Explanation	Debit (in $)	Credit (in $)
May-04	Account payable	$ 860
	Cash		$ 860
	(To record the payment for Supplies due )
May-07	Account receivable	$ 7,490
	Service revenue		$ 7,490
	(To record the services performed on account )
May-08	Supplies	$ 840
	Account payable		$ 840
	(To record the purchase of supplies on account )
May-09	Equipment	$ 1,940
	Cash		$ 1,940
	(To record the purchase of Equipment for Cash )
May-17	Salary expense	$ 500
	Cash		$ 500
	(To record the Salary expense )
May-22	Repairs expense	$ 810
	Repairs payable		$ 810
	(To record the Repairs expense )
May-29	Prepaid insurance	$ 1,190
	Cash		$ 1,190