ezto.mheducation.com 6. 1.87 points M3-14 Preparing Accrual Basis Journal Entrie
ID: 2608550 • Letter: E
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ezto.mheducation.com 6. 1.87 points M3-14 Preparing Accrual Basis Journal Entries for Business Activities [LO 3-3] Junktrader is an online company that specializes in matching buyers and sellers of used items. Buyers and attractive ofers a. Junktrader provided online advertising services for another company for $375 on account aelect wan urchase a membershp wi Junktrader. which provides them edvance nolice of potentialy b. On the last day of the month, Junktrader paid $140 cash to run an ad promoting the company's services. The ad ran that day in the local newspaper c. Received $280 cash in membership fees for the month from new members. d. Received an electricity bill or $125 for usage this month. The bill will be pald next month. Biled a customer $186 for helping by the end of next month sel some junk. Junktrader expects to receive the customer's payment 1. Prepare joumal entries for the above transactions, which occurred during a recent month. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Junktrader provided online advertising services for another company for $375 on account. Record the transaction. Note: Enter debits before credits Debit Credit MacBook Pro escExplanation / Answer
1) Journal Entries :
2) Junktrader's Preliminary Net Income :
Date Accounts Titles and explanation Debit $ Credit $ a Accounts Receivables 375 Service revenue 375 (advertisement revenues raised) b Advertisement Expenses 140 Cash 140 (the advertisement expenses made) c Cash 280 Membership Fees Revenue 280 (being membership fees received) d Utility Expenses 125 Expenses payable 125 (being electricity expenses booked) e Accounts Receivable 186 Miscellaneous Revenues 186 (being sale of junk)Related Questions
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