Question

Following are transactions for Valdez Services, a company owned by Brina Valdez. Brina Valdez invested $27,300...

Following are transactions for Valdez Services, a company owned by Brina Valdez.

  1. Brina Valdez invested $27,300 cash in the company.
  2. The company provided services to a client and immediately received $840 cash.
  3. The company received $13,700 cash from a client in payment for services to be provided next year.
  4. The company received $2,100 cash from a client in partial payment of accounts receivable.
  5. The company borrowed $4,800 cash from the bank by signing a note payable.

1. Prepare general journal entries for the above transactions of Valdez Services.

Homework Answers

Answer #1
No General Journal Debit Credit
1 Cash $27,300
Capital, Brina Valdez $27,300
(To record investment)
2 Cash $840
Service revenue $840
( To record service revenue)
3 Cash $13,700
Unearned service revenue $13,700
( To record unearned service revenue)
4 Cash $2,100
Accounts receivable $2,100
( To record cash collection from accounts receivable)
5 Cash $4,800
Note payable $4,800
( To record amount received by note payable)

Kindly comment if you need further assistance. Thanks

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