Brief Exercise 163 Journalize the following business transactions in general jou

Question

Brief Exercise 163

Journalize the following business transactions in general journal form. Identify each transaction by number. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

No.

Account Titles and Explanation

Debit

Credit

1.

2.

3.

4.

5.

1. Barry Cain invested $38,000 cash to start an appliance repair business. 2. Hired an employee to be paid $500 per week, starting tomorrow. 3. Paid two years' rent in advance, $10,800. 4. Paid the worker's weekly wage. 5. Recorded revenue earned and received for the week, $2,900.

Explanation / Answer

No. Account titles and explanation Debit Credit 1. Cash $38,000 Owner’s Capital $38,000 2. No entry, not a transaction. 3. Prepaid Rent $10,800 Cash $10,800 4. Salaries and Wages Expense $500 Cash $500 5. Cash $2,900 Service Revenue $2,900

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