a. Record the above transactions for April using the financial statement effects template. b.ThefollowingaccountsinitsgeneralledgerareneededtorecordthetransactionsforApril: Cash;AccountsReceivable;Supplies;PrepaidVanLease;Equipment;AccountsPayable; NotesPayable;CommonStock;RetainedEarnings;CleaningFeesEarned;VanFuelExpense; AdvertisingExpense;andWagesExpense.RecordtheabovetransactionsforAprilinjournal entryform. c. Set up T-accounts for each of the ledger accounts and post the entries to them (key the num- bers in T-accounts by date)
a. Record the above transactions for April using the financial statement effects template. b.ThefollowingaccountsinitsgeneralledgerareneededtorecordthetransactionsforApril: Cash;AccountsReceivable;Supplies;PrepaidVanLease;Equipment;AccountsPayable; NotesPayable;CommonStock;RetainedEarnings;CleaningFeesEarned;VanFuelExpense; AdvertisingExpense;andWagesExpense.RecordtheabovetransactionsforAprilinjournal entryform. c. Set up T-accounts for each of the ledger accounts and post the entries to them (key the num- bers in T-accounts by date)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Journalizing Transactions in Template, Journal Entry Form, and T-Accounts
Minute Maid, a firm providing housecleaning services, began business on April 1, 2019. The fol-
lowing transactions occurred during the month of April.
April
1 A. Falcon invested $9,000 cash to begin the business in exchange for common stock.
2 Paid$2,850cashforsixmonths’leaseonvanforthebusiness.
3 Borrowed$10,000cashfrombankandsignednotepayableagreeingtorepayitin1year
plus 10% interest.
3 Purchased$5,500ofcleaningequipment;paid$2,500cashwiththeremainderduewithin
30 days.
4 Paid$4,300cashforcleaningsupplies.
7 Paid$350cashforadvertisementstoruninnewspaperduringApril.
21 Billedcustomers$3,500forservicesperformed.
23 Paid$3,000cashonaccounttocleaningequipmentsuppliers(seeApril3).
28 Collected$2,300cashfromcustomersontheiraccounts.
29 Paid$1,000cashfordividends.
30 Paid$1,750cashforAprilwages.
30 Paid $995cashtoservicestationforgasolineusedduringApril.
REQUIRED
a. Record the above transactions for April using the financial statement effects template.
b.ThefollowingaccountsinitsgeneralledgerareneededtorecordthetransactionsforApril:
Cash;AccountsReceivable;Supplies;PrepaidVanLease;Equipment;AccountsPayable;
NotesPayable;CommonStock;RetainedEarnings;CleaningFeesEarned;VanFuelExpense;
AdvertisingExpense;andWagesExpense.RecordtheabovetransactionsforAprilinjournal
entryform.
c. Set up T-accounts for each of the ledger accounts and post the entries to them (key the num-
bers in T-accounts by date)
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