Record the following transactions for the Stroud Music Store (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (a) Provide music lessons to students for $13,300 on account. (b) Purchase music supplies on account, $2,000. (c) Pay rent for the current month, $2,600. (d) Received $10,300 cash from students in (a) above.

Question

Lucy Duarte

Business

9 January, 09:07

Record the following transactions for the Stroud Music Store (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (a) Provide music lessons to students for $13,300 on account. (b) Purchase music supplies on account, $2,000. (c) Pay rent for the current month, $2,600. (d) Received $10,300 cash from students in (a) above.

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Jamarion · Answer 1

The Journal entries are as follows:

(a) Accounts Receivable A/c Dr. $13,300

To service revenue $13,300

(To record the accounts receivable)

(b) Supplies A/c Dr. $2,000

To Accounts Payable $2,000

(To record the supplies on account)

(c) Rent Expense A/c Dr. $2,600

To cash A/c $2,600

(To record the rent paid)

(d) Cash A/c Dr. $10,300

To Accounts Receivable $10,300

(To record the cash received from students)