Question

Date Transaction description 1 Jessica Downing invested $105,000 cash into the business. 1 Purchased Music Equipment...

Date Transaction description
1 Jessica Downing invested $105,000 cash into the business.
1 Purchased Music Equipment for $55,000 cash.
1 Paid $10,320 for the next three month's rent of a studio.
1 Obtained a long-term loan of $186,000 from the Earth Bank.
3 Received $3,600 in cash from Council Records for music lessons provided on that day.
5 Paid $210 for a non-refundable account set-up fee to the telephone provider.
6 Purchased approximately two months worth of office supplies on credit for $3,600 from UML Centre.
9 Provided $7,800 of music lessons on credit for The Wikie Wah Hut.
11 Received $6,900 cash from Brashs World Records for future music lessons.
17 The Wikie Wah Hut paid $4,500 in partial payment of their account.
18 Paid staff wages of $5,100 for the period up to and including yesterday.
20 Jessica Downing withdrew $1,000 cash from the business.
23 Made a partial payment of $2,160 for office supplies purchased on 6 June.
26 Received a cash payment of $3,400 from students for music lessons provided on that day.
29 Provided $7,800 of music lessons to Mira Ball Records on credit.

Homework Answers

Answer #1
Date Accounts Title Dr Cr
1 Cash $105,000
Jessica's Downing capital $105,000
1 Music equipment $55,000
Cash $55,000
1 Prepaid Rent $10,320
Cash $10,320
1 Cash $186,000
Long term loan payable $186,000
3 Cash $3,600
Service Revenue $3,600
5 utilities expenses $210
Cash $210
6 Office supplies $3,600
Accounts Payable $3,600
9 Accounts Receivable $7,800
Service Revenue $7,800
11 Cash $6,900
Uneraned Service revenue $6,900
17 Cash $4,500
Accounts Receivable $4,500
18 Wages expenses $5,100
Cash $5,100
20 Jessica's Downing withdrawal $1,000
Cash $1,000
23 Accounts Payable $2,160
Cash $2,160
26 Cash $3,400
Service Revenue $3,400
29 Accounts Receivable $7,800
Service Revenue $7,800
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