Question

The May transactions of Novak Corp. were as follows.

May 4		Paid $850 due for supplies previously purchased on account.
7		Performed advisory services on account for $6,900.
8		Purchased supplies for $850 on account.
9		Purchased equipment for $2,050 in cash.
17		Paid employees $610 in cash.
22		Received bill for equipment repairs of $890.
29		Paid $1,210 for 12 months of insurance policy. Coverage begins June 1.

Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
May 4May 7May 8May 9May 17May 22May 29
May 4May 7May 8May 9May 17May 22May 29
May 4May 7May 8May 9May 17May 22May 29
May 4May 7May 8May 9May 17May 22May 29
May 4May 7May 8May 9May 17May 22May 29
May 4May 7May 8May 9May 17May 22May 29
May 4May 7May 8May 9May 17May 22May 29

Answer 1

Answer
Journal entry :
Date	account and explanation	debit	credit
May-04	Account payable	$   850
	Cash		$   850
May-07	Account receivable	$6,900
	Service revenue		$6,900
May-08	Supplies	$   850
	Account payable		$   850
May-09	Equipment	$2,050
	Cash		$2,050
May-17	Salary expense	$   610
	Cash		$   610
May-22	Repairs expense	$   890
	Repairs payable		$   890
May-29	Prepaid insurance	$1,210
	Cash		$1,210
	( To record Prepaid insurance )