The General Journal and the Goneral Ledger APPLICAIOMS Exercises Sclected acceat

Question

The General Journal and the Goneral Ledger APPLICAIOMS Exercises Sclected acceats the general ledger of the Ray Shipping Service follow. Analyze the follow ing connect Exercise 4.1 Objective 4-1 ransctions atd adicate by uaiber what accounts should be debited and credited for each transaction 101 Cash 111 Accounts Recevabie 121 Supplies 131 Equipment 202 Accounts Payable 301 Richelle Ray, Capital 401 Fees Income 511 Rent Expense 514 Salaries Expense 517 Utilities Expense TRANSACTIONS 1. Gave a cash refund of $750 to a customer because of a lost package. (The customer had previ ously paid in cash.) 2. Sent a check for $1,050 to the utility company to pay the monthly bill. 3. Provided services for $7,800 on credia. 4. Purchased new equipment for $4.600 and paid for it immediately by check 5. Issued a check for $3,500 to pay a creditor on account. 6. Performed services for $15,250 in cash. 7. Collected $6,250 from credit customers. 8. The owner made an additional investment of $25,000 in cash. 9. Purchased supplies for $3,250 on credit 10. Issued a check for $3,750 to pay the monthly rent. Recording transactions in the general journal. Selected accounts from the general ledger of Mason Consulting Services follow. Record the general journal entries that would be made to record the following transactions, Be sure to include dates and descriptions in these entries. 4 Exercise 4.2 Objective 4-1 101 Cash 111 Accounts Receivable 121 Supplies 131 Equipment 141 Automobile 202 Accounts Payable 301 Zack Mason, Capital 302 Zack Mason, Drawing 401 Fees Income 511 Rent Expense 514 Salaries Expense 517 Telephone Expense

Explanation / Answer

Solution:

Transaction Debit account Credit Account 1 Accounts payable Cash 2 utilities Expense cash 3 Accounts receivables fees income 4 Equipment cash 5 Accounts payable cash 6 cash fees income 7 cash Accounts receivables 8 cash Rochelle Ray, capital 9 Supplies Account payable 10 rent Expense cash

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