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17 March, 10:25

ave a cash refund of $750 to a customer because of a lost package. (The customer had previously paid in cash.) Sent a check for $1,050 to the utility company to pay the monthly bill. Provided services for $7,800 on credit. Purchased new equipment for $4,600 and paid for it immediately by check. Issued a check for $3,500 to pay a creditor on account. Performed services for $15,250 in cash. Collected $6,250 from credit customers. The owner made an additional investment of $25,000 in cash. Purchased supplies for $3,250 on credit. Issued a check for $3,750 to pay the monthly rent. Analyze the above transactions and record a journal entry for each transaction.

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  1. 17 March, 10:44
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    The Journal Entry is given below:-

    1. Fees income Dr, $750

    To cash $750

    (Being fees income is recorded)

    2. Utilities expense Dr, $1,050

    To cash $1,050

    (Being utilities expense is recorded)

    3. Accounts receivable Dr, $7,800

    To fee income $7,800

    (Being services provided is recorded)

    4. Equipment Dr, $4,600

    To cash $4,600

    (Being equipment purchase is recorded)

    5. Accounts payable Dr, $3,500

    To cash $3,500

    (Being payment of is recorded)

    6. Cash Dr, $15,250

    To fee income $15,250

    (Being cash receive is recorded)

    7. Cash Dr, $6,250

    To Accounts Receivable $6,250

    (Being cash receive is recorded)

    8. Cash Dr, $25,000

    To capital $25,000

    (Being additional investment is recorded)

    9. Supplies Dr, $3,250

    To accounts payable $3,250

    (Being purchase of supplies is recorded)

    10. Rent expense Dr, $3,750

    To cash $3,750

    (Being rent expenses is recorded)
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