Larkspur Legal Services had the following transactions: 1. Cash is paid for the purchase of $460 of office supplies. 2. Customer is billed $1,070 for services provided that day. 3. Equipment with a cost of $2,180 is purchased on account. 4. The current month's utility bill of $260 is paid in cash. 5. Cash of $400 is received for services provided that day. 6. Cash of $7,070 is received for services to be provided in the next month. Prepare journal entries for Larkspur Legal Services using the transactions above. Assume all of the transactions occurred on August 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Transaction No. Account Titles and Explanation Debit Credit

Larkspur Legal Services had the following transactions: 1. Cash is paid for the purchase of $460 of office supplies. 2. Customer is billed $1,070 for services provided that day. 3. Equipment with a cost of $2,180 is purchased on account. 4. The current month's utility bill of $260 is paid in cash. 5. Cash of $400 is received for services provided that day. 6. Cash of $7,070 is received for services to be provided in the next month. Prepare journal entries for Larkspur Legal Services using the transactions above. Assume all of the transactions occurred on August 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Transaction No. Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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