Below are individual unrelated transactions from X-call inc Racord each transaction in the General Journal directly below it Enter an appropriate description when andering the transacions in the journal Dates must be entered in the format ddimram (ie January 15 would be 15/Jan). For each journal entry, indicate how each account affects the balance sheet (Assets, Liabilities, Couty) Use for increase and for decrease For example, if an account decreases equity, choose Equity a) On November 1, 2014, X-cel Inc. purchased $1,440 of equipment on credit General Journal Date Account/Explanation Equipment Pagi G31 Creat F Dee Effect On Balance Shel 1.440 Accounts Payable 1,440 Liabilities to record the purchase of equipment on ad b) On November 2, 2014, X-cell Inc. agreed to provide teaching services to a client for a fixed No of 5000 per month On that same day this dient paid the first two months' tas in advance General Journal Page GJ Deon Creat Effect On Balance Shant Date Account Explanation c) A client paid 2 months' teaching fee in advance. By November 30, 2014, X-coll inc provided five days of eaching that amounted to revenue of 8070 Page G General Journal Effect On Baunce Sheet Dato Account/Expranation Debt Credit CH revenue accounts d) X-cell be reported its teaching revenue as $9,500 and equipment antal revenue as $270, on November 30, 2014, the company's year-end. There was no other revena Read the journal entry to cow the Effect On eneral Jumel Page G
Below are individual unrelated transactions from X-call inc Racord each transaction in the General Journal directly below it Enter an appropriate description when andering the transacions in the journal Dates must be entered in the format ddimram (ie January 15 would be 15/Jan). For each journal entry, indicate how each account affects the balance sheet (Assets, Liabilities, Couty) Use for increase and for decrease For example, if an account decreases equity, choose Equity a) On November 1, 2014, X-cel Inc. purchased $1,440 of equipment on credit General Journal Date Account/Explanation Equipment Pagi G31 Creat F Dee Effect On Balance Shel 1.440 Accounts Payable 1,440 Liabilities to record the purchase of equipment on ad b) On November 2, 2014, X-cell Inc. agreed to provide teaching services to a client for a fixed No of 5000 per month On that same day this dient paid the first two months' tas in advance General Journal Page GJ Deon Creat Effect On Balance Shant Date Account Explanation c) A client paid 2 months' teaching fee in advance. By November 30, 2014, X-coll inc provided five days of eaching that amounted to revenue of 8070 Page G General Journal Effect On Baunce Sheet Dato Account/Expranation Debt Credit CH revenue accounts d) X-cell be reported its teaching revenue as $9,500 and equipment antal revenue as $270, on November 30, 2014, the company's year-end. There was no other revena Read the journal entry to cow the Effect On eneral Jumel Page G
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Below are individual unrelated transactions from X-call Inc. Record each transaction in the General Journal directly below it Enter an appropriate description when antering the transacions in the journal Dates
must be entered in the format ddimmam (ie January 15 would be 15/Jan). For each journal entry, indicate how each account affects the balance sheet (Assets, Liabilities, Equity) Use for increase and for
decrease For example, if an account decreases equity, choose Equity
a) On November 1, 2014, X-cel Inc purchased $1.440 of equipment on credit
General Journal
Date
Papú GJ
FD Creat
1,440
Effect Of
Balance Sheet
+Assets
Equipment
Accounts Payable
1,440
+Liabilities
to record the purchase of
equipment on mad
b) On November 2, 2014, X-cell Inc. agreed to provide teaching
services to a client for a fixed too of $900 per month On that same day this dient paid the first two months' tes in advance
Effect On
General Journal
Page GJ
F Des Creat
Date
Account Explanation
Balaton Shant
LA
c)A client paid 2 months' teaching fee in advance. By November 30, 2014, X-coll inc provided five days of teaching that amounted to revenue of 570
Effect On
Baunce Sheet
General Journal
Page G
Great
Date
Account Explanation
Debt
d) X-cell Inc reported its teaching revenue as $9,500 and equipment rental revenue as $270, on November 30, 2014, the company's year-end. There was no other revena Record the journal emity to the
revenue accounts
Page G
General Joumal
Account Explanation
Effect On
Balance Sh
Debt Cred
Dis
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