Accounting Question
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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Expert Solution
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Step 1
1) Journal Entries :
In the Books of Ute | |||
Journal Entries | |||
Date | Account | Debit($) | Credit($) |
March | |||
1 | Cash A/c Dr | 3000 | |
To Common Stock | 3000 | ||
( Being Cash received on Issue of Shares) | |||
3 | Equipment a/c Dr | 2700 | |
To Notes Payable A/c | 2700 | ||
( Being Equipment purchased) | |||
5 | Rent Expense A/c Dr | 600 | |
To Cash | 600 | ||
(Being Rent expenses paid) | |||
7 | No Entry is required ( No monetary transaction) | ||
12 | Supplies A/c Dr | 130 | |
To Accounts Payable | 130 | ||
(Being Supplies purchased on Credit) | |||
15 | Cash A/c Dr | 800 | |
To Service Revenue | 800 | ||
(Being alteration revenue received) | |||
19 | Cash A/c Dr | 700 | |
To Deferred Revenue A/c | 700 | ||
(Being Advance received for alteration of Suits ) | |||
25 | Deferred Revenue A/c Dr | 700 | |
To Service Revenue | 700 | ||
(Being Suit delivered and revenue recognized) | |||
30 | Utilities Expense A/c Dr | 95 | |
To Cash | 95 | ||
(Being Utilities Expense paid ) | |||
31 | Dividend A/c Dr | 150 | |
To Cash | 150 | ||
(Being Utilities Expense paid ) |
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