Journalize the following transactions identifying cach entry

Journalize the following transactions, identifying cach entry by letter: (a) Received $18,000 from Katie Long, owner. ) Purchased equipment for $27,000 pa ying S10,000 in cash and giving a note payable for the remainder. (c) Paid $2,300 for rent for April. (d) Purchased $1,500 of supplies on account. (e) Provided services on account for $9,800 (f) Received $7,500 in cash for services performed (g) Paid S1,200 to creditors on account. (h) Paid wages of $3,425 (i) Received $7,900 from customers on account. G) Recorded owner\'s withdrawal of $1,875.

Solution

Ans. Date Accounts and Titles Dr.($) Cr.($) (a) Cash          18,000     To Capital          18,000 (Being cash received from Katei long, owner) (b) Equipment          27,000     To Note Payable          17,000     To Cash          10,000 (Being equipment purchase of $27,000 and $10,000 giving in cash and remainder a note payable) (c) Rent expense            2,300     To cash            2,300 (Being rent paid for the month apri) (d) Supplies            1,500     To Accounts payable            1,500 (Being supplies purchase on account) (e) Accounts receivable            9,800     To Service revenue            9,800 (Being services provided on account) (f) Cash            7,500     To Accounts receivable            7,500 (Being cash received from services perfomed) (g) Accounts payable            1,200     To cash            1,200 (Being cash paid to creditors) (h) Wages            3,425     To cash            3,425 (Being paid wages in cash) (i) Cash            7,900     To Accounts receivable            7,900 (Being cash received from services provided on account) (j) Drawing            1,875     To cash            1,875 (Being cash withdraw from business for personal use)