The business uses the following accounts: Cash; Accounts Receivable; Office Supp

Question

The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Common Stock; Dividends; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense. Read the requirements. Requirement 1. Journalize each transaction. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) July 1: Yardley contributed $68,000 cash to the business in exchange for common stock Date Accounts Debit Credit Jul. 1 Cash 68,000 Common Stock 68,000

Explanation / Answer

Journal entry :

Date Accounts Debit credit Jul 1 Cash 68000 Common stock 68000 Jul 5 Rent expenses 510 Cash 510 Jul 9 Land 16000 Cash 16000 Jul 10 Office supplies 1600 Cash 1600 Jul 19 Cash 26000 Notes payable 26000 Jul 22 Account payable 1100 Cash 1100 Jul 28 Advertising expenses 250 Advertising payable 250 Jul 31 Cash 6300 Account receivable 5300 Service revenue 11600 Jul 31 Salaries exp 1900 Office rent 1400 Utilities expenses 600 Cash 3900 Jul 31 Cash 1340 Unearned service revenue 1340 Jul 31 Dividend 6900 Cash 6900

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.