O You received partial credit in the previous attempt M3-13 Recording Accrual Ba

Question

O You received partial credit in the previous attempt M3-13 Recording Accrual Basis Expenses [LO 3-3] The folowing transactions are February activities of Swing Hard Incorporated, which offers indoor goffing lessons in the northeasterr United States. a Swing Hard paid $4,750 to its golf instructors for the month of February. b. Swing Hard paid $1,750 for electricity used in the month of January c Swing Hard received an electricity bill for $800 for the month of February, to be paid in March. (If no entry is required for a trensaction/event, select "No Journal Entry Required" in the first eccount field.) list No Transaction General Journal Cash 4,750 Service R 4,750 b. 1.750 3Accounts Recelvable 800 Sales Revenue 800

Explanation / Answer

Solution:

Adjusting Journal Entries S.no. Particulars Debit Credit a. Salaries and Wages Dr $4,750.00               To Cash $4,750.00 (To record payment to golf instructor) b. Accounts Payable Dr $1,750.00       To Cash $1,750.00 (To record payment of electricity of January Month) c. Utilities expenses Dr $800.00        To Accounts Payable $800.00 (To record unpaid electricity bill for February month)

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