Question

I. Journalize each transaction below: April 1: Provided services totaling $15,000; received 15.25% and the remainder is on account 2: Purchased supplies costing $10,500; paid 15% and the remainder is on account 3: Received $22,000 from customer for work to be completed at a future date 4: Purchased a 1 year insurance policy for $6,000 cash 5: Paid $25,000 in advance for rent 7: Paid $1000 owed on account 8: Paid $8,000 in advance for advertising 9: Stockholders invested $85,000 in exchange for common stock 10: Paid utilities, $1,800 12: Billed customer for services provided, $2,500 18: Purchased equipment costing $18,000; paid 18% and signed a note for the remainder 19: Signed a 5%, 9 - month, $5,000 note at First National Bank 21: Purchased supplies costing $4,500; paid 25% and the remainder is on account 22: Received $1,200 from April 1 transaction

Answer 1

TO 1,800 Utilities expense Cash [paid utilities 1,800 by cash +2 2. Soo 2,500 18 18,000 Cash 3240 14,760 192 5,000 5,ooo Accoun recievable Seenice Revenue [seevice provided on credit] Equipment [i8,000 x 18'/] Note payable (18,000 X 82'7. Cash Note payable [cash recaved by signing note Supplies cash (4.500x25'2 Account payable [4,500 4757 [prechared supplies on cash & credit] Cash Account Recevable [Recieved cash from Debloes] 21. 4,500 1, 125 3,375 22 1,200 1200

Date AccOUNTS Ref DERIT CREDIT Pe l. Cash [ 15,000 x 15.25%.] Account Recievable [15,000 x 84.78] Service Revenue [Seevice rendered on cash & redit] 2287.5 12,712.5 15,000 2 2. 10,500 Supplies cash [10,500 x 157] , x [puechased supplies on cash & cudi 1,575 8,925 Account payable [10, 500 x 851 هم مر) 22,000 Cash Uneaened levenue [cash on heained revene reciene inned 22000 4. 6,000 Prepaid Insueance [paid insureance in advance] 6,000 25,000 Peepaid rent cash [paid Rent in advance] 25,000 7. Account payable 4000 Cash 1,000 [paid to cash to credito] Prepaid Advertisment 8 8,000 Cash 8,000 q: [pard Adveeh's ment exp р in advance Cash Common Stocks [ Cash recieved from invertment 85,000 85,000