13) Please write the journal entries for the following transactions for Feldman

Question

13) Please write the journal entries for the following transactions for Feldman Company for June 2018, the company's first month of operations. You may omit explanations for the transactions. i. Purchased 18-month insurance policy for $900 cash. ii. Paid $2,000 monthly payroll in cash. ii. Purchased $1,000 supplies on account. iv. Received $75 telephone bill to be paid at later date. v. Purchased equipment on account for $8,000. vi. Billed customers $5,000 for services performed. vi. Made payment of $2,300 on accounts payable for equipment purchased earlier in month viii. Collected $2,900 on customer accounts (Accounts Receivable) that were billed earlier the month.

Explanation / Answer

Date Account, title and Explanation Debit Credit June,2018 Prepaid Insurance $900 Cash $900 2 Wage expense $2000 Cash $2000 3 Supplies on hand $1000 Accounts payable $1000 4 Telephone Expense $75 Utilities Payable $75 5 Equipment $8000 Accounts Payable $8000 6 Accounts Receivable $5000 Revenue $5000 7 Accounts Payable- Equipment $2300 Cash $2300 8 Cash $2900 Accounts Receivable $2900

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