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Q1) Record transactions in general journal which is given below.  Use only following account titles:  Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; YOUR NAME, Capital; YOUR NAME, Drawing; Service Revenue; Rent Expense; Supplies Expense; Utilities Expense.

3/1/07

Invested $20,000 in cash and $5,000 of equipment in the business

3/5/07

Purchased equipment on account, $1,200

3/7/07

Purchased supplies on account, $500

3/10/07

Purchased supplies with cash, $1,000

3/13/07

Received cash for services provided to clients, $2,500

3/15/07

Paid rent, $850

3/20/07

Billed clients for services performed, $850

3/25/07

Paid for equipment purchased on 3/5/07

3/28/07

Received payment for services performed on 3/20/07

3/31/07

Withdrew cash for personal use, $3,000

Accounting Basics, Accounting

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  • Reference No.:- M916787

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