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Question: Recording Journal Entries Robin Harrington established Time Definite Delivery on January 1, 2011. The following transactions occurred during the company's most recent quarter.

a. Received $80,000 from Robin Harrington to establish the sole proprietorship.

b. Provided delivery service to customers, receiving $72,000 in accounts receivable and $16,000 in cash. c. Purchased equipment costing $82,000 and signed a long-term note for the full amount.

d. Incurred repair costs of $3,000 on account.

e. Collected $56,000 from customers on account.

f. Borrowed $90,000 by signing a long-term note.

g. Prepaid $74,400 cash to rent equipment and aircraft next quarter.

h. Paid employees $38,000 for work done during the quarter.

i. Purchased (with cash) and used $49,000 in fuel for delivery equipment.

j. Paid $2,000 on accounts payable.

k. Ordered but have not yet received $700 in supplies.

l. Robin Harrington withdrew $8,000 cash from the business.

Required: For each transaction, prepare a journal entry. If no entry is needed, explain why. Be sure to categorize each account as an asset (A), liability (L), owner's equity (OE), revenue (R), or expense (E).

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M93078504

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