Question

Instructions Complete Journal Entries with the Provided Accounts JOURNAL ENTRIES: The chart of accounts, given below, is in random order and is used by Flynn Company. Each account is to be identified with its letter combination (i.e., Supplies Expense - AB). Instructions: Indicate the appropriate accounts for each entry for the month of December (the last month of the year) by placing the appropriate identification letters in the appropriate blanks. AB Supplies Expense AC Accounts Payable AD Dividends AE Notes Payable BC Supplies BD Equipment Expense BE Salaries and Wages Expense CD Accounts Receivable CE Prepaid Advertising DE Advertising Expense ABC Service Revenue ABD Salaries and Wages Payable ABE Unearned Service Revenue ACD Common Stock ACE Rent Expense ADE Cash BCD Prepaid Insurance BCE Equipment

1.

Paid $400 cash for advertisements run this past week.

Account:

Account:

2.

Purchased supplies costing $2,000 on account.

Account:

Account:

3.

Paid wages to employees in cash, $2,500.

Account:

Account:

4.

Received cash of $7,000 from customers for services rendered.

Account:

Account:

5.

The owner invested $25,000 cash in the business in exchange for ownership interest.

Account:

Account:

6.

For this transaction, please list the all debits before any credits, and when multiple debits, or credits, are required, please list them from largest to smallest .

Performed $4,000 of services for a customer, received $400 in cash, the remainder was on account.

Account:

Account:

Account:

7.

For this transaction, please list the all debits before any credits, and when multiple debits, or credits, are required, please list them from largest to smallest .

Equipment was purchased at a cost of $5,000; $1,000 cash was paid down and the remainder was financed with a three-month, 12% note.

Account:

Account:

Account:

Answer 1

DE 1) Account Account ADE 2) Account Account BC AC BE 3) Account Account ADE 4) Account ADE ABC Account 5) Account Account ADE ACD CD, ADE 6) Account Account ABC 7) Account Account BCE AE, ADE