Question

Journal entry worksheet for April 1.Signed a one-year lease for a space near a health club,...

Journal entry worksheet for April

1.Signed a one-year lease for a space near a health club, paying $750 for April rent and $2,250 for rent for May, June, and July.

.2.Received investment of cash by three organizers and issued to them a total of 260 shares of $0.05 par value stock with a market price of $40 per share.

3. Ordered a business computer and printer from Dell for $3,050.

4. Paid Facebook $2,150 as a budget for advertising. (Facebook charges the advertiser’s account per click, drawing down the balance. The average click is $0.34.)

5. Paid $2,760 for 12 months of insurance coverage, with one-twelfth covering April and the rest covering the remainder of the fiscal year (end of March next year).

6. Along with her four other licensed massage therapists, Sarah and her team provided $42,600 of deep tissue service to clients in April who paid half in cash and agreed to pay the rest in May.

7. At the end of April, received a $340 utility bill for the use of gas and electric in April. The bill will be paid in May.

8. Received $10,400 from clients for a series of services to be performed beginning in May.

Homework Answers

Answer #1
Journal Entries
date explanation debit credit
1- rent expense 750
prepaid rent 2250
cash 3000
2- cash 13
common stock 10387
additional paid in capital-common stock 10400
3- computer and printer 3050
cash/ Accounts payable 3050
4- advertising expense 2150
cash 2150
5- insurance expense 230
prepaid insurnce 2530
cash 2760
6- cash 21300
accounts receivables 21300
service revenue 42600
7- utilities expense 340
utilities payable 340
8- cash 10400
unearned revenue 10400
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