Question

Journalize the followong

The account names are :

accounts payable                                  Income tax expense                  wages expense

accounts receivable                               income tax payable                   unearned revenue

accumulated depreciation                      notes payable                           service revenue

building prepaid insurance                     cash

A.

May 2, 2020, Glenn provided flight lessons to two students. The fee for one student was $900, which he paid immediately. The other student was charged $1,600, which he promised to pay in 30 days.

B.

May 5, 2020, Paid $650 on amounts owed to the Drunken Clam(a bar/restaurant) for an office party that they catered several months ago.

C.

May 15, 2020, Glenn received the amount owed from the student in the May 2 transaction above.

D.

May 22, 2020, Glenn received a $2,000 advance from Peter Griffin for flight lessons to be given next month.

E.

May 27, 2020, Borrowed $50,000 from a bank to be repaid in five years.

F.

May 31, 2020, Glen paid Lois Griffin, his secretary, her wages of $2,000 for this month.

Answer 1

Journal Entries
Events	Date	Particulars			Debit	Credit
A.	2-May	Cash			$      900.00
		Accounts Receivable			$   1,600.00
		To Service Revenue				$   2,500.00
B.	5-May	Accounts Payable			$      650.00
		To Cash				$      650.00
C.	15-May	Cash			$   1,600.00
		To Accounts Receivable				$   1,600.00
D.	22-May	Cash			$   2,000.00
		To Unearned Revenue				$   2,000.00
E.	27-May	Cash			$ 50,000.00
		To Notes Payable				$ 50,000.00
F.	31-May	Wages Expense			$   2,000.00
		To Cash				$   2,000.00