Prepare the journal entries for the above transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Shangri-La Spa is a sole proprietorship owned by Emily Kalsi. During the month of January 2019, the following transactions took
place.
Jan 1 Provided services to a customer on account worth $5,170.
Jan 4 Borrowed $5,000 cash from the bank.
Jan 5 Provided services to a customer and received $2,230 in cash.
Jan 7 Received the travel bill for $280 which will be paid later.
Jan 9 Paid $7,330 cash to reduce the amount owed to a supplier.
Jan 12 Collected $1,070 cash from customers owing on account.
Jan 14 Paid the travel bill from January 7.
Jan 16 Paid a portion of the bank loan principal with $1,100 cash.
Jan 21 Paid rent for the month with $2,710 cash.
Jan 28 Purchased equipment for $2,290 which will be paid later.
Prepare the journal entries for the above transactions.
Do not enter dollar signs or commas in the input boxes.
Date
Account Title and Explanation
4
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F139867fe-f201-4b20-a88d-0e499ec634af%2F320938a9-0425-4bca-9e27-de3c3bba3d7b%2F8x3sk4_processed.png&w=3840&q=75)
Transcribed Image Text:Take me to the text
Shangri-La Spa is a sole proprietorship owned by Emily Kalsi. During the month of January 2019, the following transactions took
place.
Jan 1 Provided services to a customer on account worth $5,170.
Jan 4 Borrowed $5,000 cash from the bank.
Jan 5 Provided services to a customer and received $2,230 in cash.
Jan 7 Received the travel bill for $280 which will be paid later.
Jan 9 Paid $7,330 cash to reduce the amount owed to a supplier.
Jan 12 Collected $1,070 cash from customers owing on account.
Jan 14 Paid the travel bill from January 7.
Jan 16 Paid a portion of the bank loan principal with $1,100 cash.
Jan 21 Paid rent for the month with $2,710 cash.
Jan 28 Purchased equipment for $2,290 which will be paid later.
Prepare the journal entries for the above transactions.
Do not enter dollar signs or commas in the input boxes.
Date
Account Title and Explanation
4
Debit
Credit
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