Question 4: You have the following transactions the last few days of April. Apr. 25 You stop by your uncle's gas station to refill both gas cans for your company, Watson's Landscaping. Your uncle adds the total of $28 to your account. Apr. 26 You record another week's revenue for the lawns mowed over the past week. You earned $1,200. You received cash equal to 75% of your revenue. You pay your local newspaper $35 to run an advertisement in this week's paper. Apr. 27 Apr. 29 You make a $25 payment on account. Prepare the necessary journal entries for these four transactions. Explain why you debited and credited the accounts you did. What will be the new balance in each account used in these entries? lam

Question 4: You have the following transactions the last few days of April. Apr. 25 You stop by your uncle's gas station to refill both gas cans for your company, Watson's Landscaping. Your uncle adds the total of $28 to your account. Apr. 26 You record another week's revenue for the lawns mowed over the past week. You earned $1,200. You received cash equal to 75% of your revenue. You pay your local newspaper $35 to run an advertisement in this week's paper. Apr. 27 Apr. 29 You make a $25 payment on account. Prepare the necessary journal entries for these four transactions. Explain why you debited and credited the accounts you did. What will be the new balance in each account used in these entries? lam

Name: Question 4: You have the following transactions the last few days of
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Description: Question 4: You have the following transactions the last few days of April.Apr. 25You stop by your uncle's gas station to refill both gas cans foryour company, Watson's Landscaping. Your uncle adds the totalof $28 to your account.Apr. 26You record a

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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