Question

FINANCIAL ACCOUNTING PROBLEM Journalize the following selected transactions for Expo Corp for the month of April...

FINANCIAL ACCOUNTING PROBLEM

Journalize the following selected transactions for Expo Corp for the month of April 2015 in a debit entry followed by credit entry format.

April 1. Received cash from the investment made by the owner, $14,000.

April 5. Received cash for providing accounting services, $9,500.

April 7. Billed customers on account for providing accounting services, $4,200.

April 10. Purchased supplies for $600 in cash.

April 15. Paid advertising expense, $700.

April 20. Received cash from customers on account, $2,500.

April 21. Owner withdraws cash, $1,010.

April 23. Received telephone bill, $900.

April 28. Paid telephone bill, $900.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Date Account Titles and Explanation Debit Credit
April 1 Cash $2,150
Owner's Capital $2,150
April 5 Cash $9,500
Service Revenue $9,500
April 7 Accounts Receivable $4,200
Service Revenue $4,200
April 10 Supplies $600
Cash $600
April 15 Advertising Expense $700
Cash $700
April 20 Cash $2,500
Accounts Receivable $2,500
April 21 Owner's Withdrawl $1,010
Cash $1,010
April 23 Telephone Expense $900
Accounts Payable $900
April 28 Accounts Payable $900
Cash $900
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
(1). Journalize the following selected transactions for January, identifying each entry by letter. Explanations may be...
(1). Journalize the following selected transactions for January, identifying each entry by letter. Explanations may be omitted. Jan. 1 (a)Received cash from the investment made by the owner, $14,000. 2 (b)Received cash for providing accounting services, $9,500. 3 (c)Billed customers on account for providing services, $4,200. 4 (d)Paid advertising expense, $700. 5 (e)Received cash from customers on account, $2,500. 6 (f)Owner withdraws $1,010. 7 (g)Received telephone bill, $900. 8 (h)Paid telephone bill, $900. General Journal Problem ___1__ Date Account Titles...
Journalize the following selected transactions for January 2012 in a two-column journal. Journal entry explanations may...
Journalize the following selected transactions for January 2012 in a two-column journal. Journal entry explanations may be omitted. Jan 1 Received cash from the investment made by the owner, P15,000. 2 Received cash for providing accounting services, P8,000. 3 Billed customers on account for providing services, P4,000. 4 Paid advertising expense, P400. 5 Received cash from customers on account, P3,500. 6 Owner withdraws, P1,000 7 Received telephone bill, P100 8 Paid telephone bill, P100. Date Description Post Ref Debit Credit
On April 1, Vaughn Travel Agency began operations. The following transactions were completed during the month....
On April 1, Vaughn Travel Agency began operations. The following transactions were completed during the month. 1. Owner invested $22,000 in the business. 2. Obtained a bank loan for $8,600 by issuing a note payable. 3. Paid $13,000 cash to buy equipment. 4. Paid $1,100 cash for April office rent. 5. Paid $1,500 for supplies. 6. Purchased $600 of advertising in the Daily Herald, on account. 7. Performed services for $18,000: cash of $3,000 was received from customers, and the...
During the first month of operations, the following transactions occurred for Blossom Inc.: Apr. 1 Invested...
During the first month of operations, the following transactions occurred for Blossom Inc.: Apr. 1 Invested cash of $9,600 and equipment of $6,000 in the company in exchange for common shares. 1 Hired a secretary-receptionist at a monthly salary of $2,000. 2 Paid office rent for the month, $1,000. 3 Purchased architectural supplies on account from Halo Ltd., $2,000. 10 Completed blueprints on a carport and billed client $1,300. 13 Received $800 cash advance from a client for the design...
Exercise 2-03 Selected transactions for M. Crane, an interior decorator, in her first month of business,...
Exercise 2-03 Selected transactions for M. Crane, an interior decorator, in her first month of business, are as follows. Jan. 2 Invested $10,700 cash in business. 3 Purchased used car for $3,210 cash for use in business. 9 Purchased supplies on account for $535. 11 Billed customers $2,568 for services performed. 16 Paid $375 cash for advertising. 20 Received $749 cash from customers billed on January 11. 23 Paid creditor $321 cash on balance owed. 28 Withdrew $1,070 cash for...
Based on the below transactions, IF you were to journalize and post them, state how much...
Based on the below transactions, IF you were to journalize and post them, state how much would be the balance of the accounts receivable account only and state what type of balance this account would have at the end of the period (debit or credit) (4 pts total). Note: You are not asked to journalize and post. Do only what is asked. Owner invested $5,000 cash Billed customers for services provided, $4,000 Purchased supplies on account, $1,000 Paid creditor, $200...
Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold...
Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $9,000. The cost of the merchandise is $7,200. If an amount box does not require an entry, leave it blank. April 1 April 1 June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. If an amount box does not require an entry, leave it blank. June 10 Oct. 11 Reinstated...
Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold...
Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $6,000. The cost of the merchandise is $6,500. If an amount box does not require an entry, leave it blank. April 1 April 1 June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. If an amount box does not require an entry, leave it blank. June 10 Oct. 11 Reinstated...
Selected transactions for Star Company in the first month of business, are as follows. Oct.     1...
Selected transactions for Star Company in the first month of business, are as follows. Oct.     1          Invested $60,000 cash in business.             4          Purchased furniture for $15,600 cash for use in business.             10        Purchased supplies on account for $1,500.             13        Billed customers $6,300 for services performed.             18        Paid $1,350 salaries in cash.             20        Received $3,900 cash from customers billed on October 13.             24        Paid supplier $900 cash for supplies...
Analyze the transactions described below and indicate their effect on the basic accounting equation. Use a...
Analyze the transactions described below and indicate their effect on the basic accounting equation. Use a plus sign (+) to indicate an increase and a minus sign (—) to indicate a decrease. Assets = Liabilities + Owner's Equity 1. Received cash for services performed. ________ ________ ________ 2. Purchased office equipment on credit. ________ ________ ________ 3. Paid employees' salaries. ________ ________ ________ 4. Received cash from customer in payment on account. ________ ________ ________ 5. Paid telephone bill for...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT