Listed are the February 2020 transactions for Sage Inc.. Using the journal entry template provided below,...
Listed are the February 2020 transactions for Sage Inc.. Using the journal entry template provided below, prepare the journal entries:
⦁ Feb 1: Issued common shares in exchange for cash
of $25,500 and equipment of $15,000.
⦁ Feb 1: Paid monthly utilities of $6,000.
⦁ Feb 5: Purchased office supplies of $3,250 on
account.
⦁ Feb 10: Performed services of $5,000 on
account.
⦁ Feb 12: Performed services of $12,000; received
$8,000 in cash with the remainder on account.
⦁ Feb 15: Paid $5,250 in salaries.
⦁ Feb 17: Performed services of $3,500 for cash.
⦁ Feb 25: Collected customer payment in full from
services performed on Feb 12th.
⦁ Feb 28: Paid $1000 for monthly rent.
⦁ Feb 28: Remitted payment to vendor for office
supplies purchased on Feb 5th.
Homework Answers
Journal entry
| Date | General Journal | Debit | Credit |
| Feb 1 | Cash | 25500 | |
| Equipment | 15000 | ||
| Common Stock | 40500 | ||
| Feb 1 | Utilities expense | 6000 | |
| Cash | 6000 | ||
| Feb 5 | Supplies | 3250 | |
| Account payable | 3250 | ||
| Feb 10 | Account receivable | 5000 | |
| Service revenue | 5000 | ||
| Feb 12 | Cash | 8000 | |
| Account receivable | 4000 | ||
| Service revenue | 12000 | ||
| Feb 15 | Salaries expense | 5250 | |
| Cash | 5250 | ||
| Feb 17 | Cash | 3500 | |
| Service revenue | 3500 | ||
| Feb 25 | Cash | 4000 | |
| Account receivable | 4000 | ||
| Feb 28 | Rent expense | 1000 | |
| Cash | 1000 | ||
| Feb 28 | Account payable | 3250 | |
| Cash | 3250 |
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Listed are the February 2020 transactions for Sage Inc.. Using
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**if your write it on paper, please write
neatly.***
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