A manager at Thocc, a business retailing and servicing custom keyboards, needs help with interpreting some of the accounting transactions that took place during the month of January 2022. The manager has provided you with a list of those transactions below. Required: Underneath each transaction in the space provided, write a brief narration describing the economic event that corresponds to that transaction. Date Account titles (Details) Dr ($) Cr ($) 2/1/2022 Cash 3,000 Accounts Receivable
A manager at Thocc, a business retailing and servicing custom keyboards, needs help with interpreting some of the accounting transactions that took place during the month of January 2022. The manager has provided you with a list of those transactions below.
Required:
Underneath each transaction in the space provided, write a brief narration describing the economic event that corresponds to that transaction.
|
Date |
Account titles (Details) |
Dr ($) |
Cr ($) |
|
|
|
|
|
|
2/1/2022 |
Cash |
3,000 |
|
|
|
|
2,500 |
|
|
|
GST Collected |
|
500 |
|
|
Service Revenue |
|
5,000 |
|
Answer here:
|
|||
|
|
|
|
|
|
15/1/2022 |
Inventory |
10,000 |
|
|
|
GST Paid |
1,000 |
|
|
|
Accounts Payable |
|
5,500 |
|
|
Cash |
|
5,500 |
|
Answer here:
|
|||
|
|
|
|
|
|
30/1/2022 |
Accounts Payable |
15,000 |
|
|
|
Bank Loan |
|
15,000 |
|
Answer here:
|
|||
|
|
|
|
|
|
31/1/2022 |
Rent Expense |
2,000 |
|
|
|
Prepaid Rent |
|
2,000 |
|
Answer here:
|
|||
|
|
|
|
|
|
31/1/2022 |
Unearned Revenue |
10,000 |
|
|
|
Service Revenue |
|
10,000 |
|
Answer here:
|
Step by step
Solved in 2 steps
