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Selected transactions for Cheyenne’s Dog Care are as follows during the month of March.
March 1 Paid monthly rent of $980.
3 Performed services for $110 on account.
5 Performed services for cash of $60.
8 Purchased equipment for $490. The company paid cash of $65 and the
balance was on account.
12 Received cash from customers billed on March 3.
14 Paid wages to employees of $430.
22 Paid utilities of $60.
24 Borrowed $1,230 from Grafton State Bank by signing a note.
27 Paid $180 to repair service for plumbing repairs.
28 Paid balance amount owed from equipment purchase on March 8.
30 Paid $1,480 for six months of insurance.
Journalize the transactions.

Respuesta :

anthougo

Answer:

Cheyenne’s Dog Care

Journal Entries:

March 1:

Debit Rent Expense $980

Credit Cash Account $980

To record the payment of monthly rent.

March 3:

Debit Accounts Receivable $110

Credit Service Revenue $110

To record the performance of services on account.

March 5:

Debit Cash Account $60

Credit Service Revenue $60

To record the performance of services for cash.

March 8:

Debit Equipment $490

Credit Cash Account $65

Credit Accounts Payable $425

March 12:

Debit Cash Account $110

Credit Accounts Receivable $110

To record the receipt of cash from customers.

March 14:

Debit Wages Expense $430

Credit Cash Account $430

To record the payment of wages.

March 22:

Debit Utilities Expense $60

Credit Cash Account $60

To record the payment of utilities.

March 24:

Debit Cash Account $1,230

Credit Notes Payable (Grafton State Bank) $1,230

To record the signing of a note payable.

March 27:

Debit Plumbing Repairs $180

Credit Cash Account $180

To record the payment for plumbing repairs.

March 28:

Debit Accounts Payable $425

Credit Cash Account $425

To record the payment for equipment purchase.

March 30:

Debit Prepaid Insurance $1,480

Credit Cash Account $1,480

To record the payment for six months insurance.

Explanation:

Cheyenne's Dog Care can use the general journal to record its daily business transactions as they occur.  The journal identifies the accounts involved in each transaction and shows the accounts to be debited or credited as the case may be.

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