ent Exercise 3-11 Selected transactions for Sophie\'s Dog Care are as follows du
ID: 2335335 • Letter: E
Question
ent Exercise 3-11 Selected transactions for Sophie's Dog Care are as follows during the month of March. March 1 Paid monthly rent of $1,010. 3 Performed services for $120 on account. 5 Performed services for cash of $65. 8 Purchased equipment for $505. The company paid cash of $65 and the balance was on account. 12 Received cash from customers billed on March 3. 14 Paid wages to employees of $440. 22 Paid utilities of $60. 24 Borrowed $1,260 from Grafton State Bank by signing a note. 27 Paid $180 to repair service for plumbing repairs. 28 Paid balance amount owed from equipment purchase on March 8. 30 Paid $1,510 for six months of insurance. Journalize the transactions. (If no entry is required, select "No Entry for the account titles and enter o indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 0Explanation / Answer
Journal entries
Date
Accounts title and Explanation
Debit
Credit
1-Mar
Rent expense
$ 1,010.00
cash
$ 1,010.00
(for monthly rent expense)
3-Mar
Accounts receivable
$ 120.00
Service revenue
$ 120.00
(For recoding service revenue earned)
5-Mar
Cash
$ 65.00
Service Revenue
$ 65.00
(For recoding service revenue earned)
8-Mar
Equipment
$ 505.00
Cash
$ 65.00
Accounts Payable
$ 440.00
(equipment purchased)
12-Mar
Cash
$ 120.00
Accounts receivable
$ 120.00
(Cash received from receivables account)
14-Mar
wages expense
$ 440.00
Cash
$ 440.00
(wages paid to employees)
22-Mar
Utilities Expense
$ 60.00
cash
$ 60.00
(Utilities paid)
24-Mar
Cash
$ 1,260.00
Notes payable
$ 1,260.00
(notes payable issued)
27-Mar
Repairs
$ 180.00
cash
$ 180.00
(repair expense paid)
28-Mar
Accounts Payable
$ 440.00
Cash
$ 440.00
(Cash paid for equipment purchased on 8th march)
30-Mar
Prepaid Insurance
$ 1,510.00
Cash
$ 1,510.00
(insurance paid for 6 months)
Insurance is debited to prepaid insurance account because insurance premium is not expired and whole premium is paid in advance.
Date
Accounts title and Explanation
Debit
Credit
1-Mar
Rent expense
$ 1,010.00
cash
$ 1,010.00
(for monthly rent expense)
3-Mar
Accounts receivable
$ 120.00
Service revenue
$ 120.00
(For recoding service revenue earned)
5-Mar
Cash
$ 65.00
Service Revenue
$ 65.00
(For recoding service revenue earned)
8-Mar
Equipment
$ 505.00
Cash
$ 65.00
Accounts Payable
$ 440.00
(equipment purchased)
12-Mar
Cash
$ 120.00
Accounts receivable
$ 120.00
(Cash received from receivables account)
14-Mar
wages expense
$ 440.00
Cash
$ 440.00
(wages paid to employees)
22-Mar
Utilities Expense
$ 60.00
cash
$ 60.00
(Utilities paid)
24-Mar
Cash
$ 1,260.00
Notes payable
$ 1,260.00
(notes payable issued)
27-Mar
Repairs
$ 180.00
cash
$ 180.00
(repair expense paid)
28-Mar
Accounts Payable
$ 440.00
Cash
$ 440.00
(Cash paid for equipment purchased on 8th march)
30-Mar
Prepaid Insurance
$ 1,510.00
Cash
$ 1,510.00
(insurance paid for 6 months)
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