M3-22 Journalizing Transactions in Template, Journal Entry Form, and T-Accounts Minute Maid, a firm providing housecleaning services, began a business on April 1, 2015. The following 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 $2,850 cash for six months’ lease on a van for the business. 3 Borrowed $10,000 cash from the bank and signed note payable agreeing to repay it in 1 year plus 10% interest. 3 Purchased $5,500 of cleaning equipment; paid $2,500 cash with the remainder due within 30 days. 4 Paid $4,300 cash for cleaning supplies. 7 Paid $350 cash for advertisements to run in the newspaper during April. 21 Billed customers $3,500 for services performed. 23 Paid $3,000 cash on account to cleaning equipment suppliers (see April 3). 28 Collected $2,300 cash from customers on their accounts. 29 Paid $1,000 in cash for dividends. 30 Paid $1,750 cash for April wages. 30 Paid $995 cash to service station for gasoline used during April. REQUIRED a. Record the above transactions for April using the financial statement effects template. b. The following accounts in its general ledger are needed to record the transactions for April: Cash; Accounts Receivable; Supplies; Prepaid Van Lease; Equipment; Accounts Payable; Notes Payable; Common Stock; Retained Earnings; Cleaning Fees Earned; Van Fuel Expense; Advertising Expense; and Wages Expense. Record the above transactions for April in the journal entry form. c. Set up T-accounts for each of the ledger accounts and post the entries to them (key the numbers in T-accounts by date)
M3-22 Journalizing Transactions in Template,
REQUIRED a. Record the above transactions for April using the financial statement effects template. b. The following accounts in its general ledger are needed to record the transactions for April: Cash; Accounts Receivable; Supplies; Prepaid Van Lease; Equipment; Accounts Payable; Notes Payable; Common Stock;
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