ACCT 101 w comet Help S Book Problem HW CH3 5 The accountant

ACCT 101 w, comet Help S Book Problem HW- CH3 5 The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019. The following transactions are for Randy Guttery, Landscape Consultant Transectione a Gutery invested $159,000 in cash to start the business b. Paid $5,900 for the current month\'s rent c. Bought office furniture for $16.620 in cash d. Performed services for $8,100 in cash. e. Paid $1240 for the monthly telephone ba t. Performed services for $13,900 on credit a computer and copier for $37,800, paid $12.900 for the month in cash immediately with the balance due in 30 days h. Received $6,950 from creds cients . Paid $3,900 in cash for office cleaning services f Purchased additional office chairs for $5,700 received credit terms of 30 days k Purchased office equipement for $39,000 and paid haif of this amount in cash immediately, the balance is due in 30 days L Issued a check for $9.300 to pay salaries m. Performed services for $14 400 in cash n. Performed services for $15,900 on credit o. Collected $7,900 on accounts recevable from charge customers p. Issued a check for $2.850 in partial payment of the amount owed for office chairs Pad $600 to a duplicating company tor photocopy work performed aring the month r. Paid $1210 for the monthly electric bi s Guthery withdrew $8.900 in cash for personal expenses

Solution

Journal Entry Date Particulars Dr. Amt. Cr. Amt. a. Cash    159,000.00 Randy Guttery, Capital    159,000.00 (Record the amount invested in business) b. Rent Expense        5,900.00 Cash        5,900.00 (record the rent paid) c. Office Furniture      16,620.00 Cash      16,620.00 (record the furniture purchased) d. Cash        8,100.00 Service Revenue        8,100.00 (record the service revenue earned) e. Telephone Expenses        1,240.00 Cash        1,240.00 (Record the telephone expenses paid) f. Accounts Receivable      13,900.00 Service Revenue      13,900.00 (record the service revenue earned) g. Computer      37,800.00 Cash      12,900.00 Accounts Payable      24,900.00 (record the computer purchased) h. Cash        6,950.00 Accounts Receivable        6,950.00 (record the cash recd) i. Office Cleaning Expenses        3,900.00 Cash        3,900.00 (record the amount paid for cleaning services) j. Office Furniture        5,700.00 Accounts Payable        5,700.00 (record the chairs purchased) k. Office Equipment      39,000.00 Cash      19,500.00 Accounts Payable      19,500.00 (record the equipment purchased) l. Salaries Expenses      14,400.00 Cash      14,400.00 (Record the salaries paid) m. Cash      14,400.00 Service Revenue      14,400.00 (record the service revenue earned) n. Accounts Receivable      15,900.00 Service Revenue      15,900.00 (record the service revenue earned) o. Cash        7,900.00 Accounts Receivable        7,900.00 (record the cash recd) p. Accounts Payable        2,850.00 Cash        2,850.00 (record the cash paid for chairs) q. Photocopy Expenses            690.00 Cash            690.00 (record the cash paid for photocopy) r. Electricity Expenses        1,210.00 Cash        1,210.00 (record the electricity expenses paid) s. Randy Guttery, Withdrawl        8,900.00 Cash        8,900.00 (record the amount withdrawl)