Question

March 1 Paid monthly rent of $890. 3 Performed services for $100 on account. 5 Performed services for cash of $55. 8 Purchased equipment for $445. The company paid cash of $60 and the balance was on account. 12 Received cash from customers billed on March 3. 14 Paid wages to employees of $390. 22 Paid utilities of $54. 24 Borrowed $1,110 from Grafton State Bank by signing a note. 27 Paid $160 to repair service for plumbing repairs. 28 Paid balance amount owed from equipment purchase on March 8. 30 Paid $1,330 for six months of insurance. Journalize the transactions.

Answer 1

Answer:

                             Journal Entries    

Date  Account titles & explanations Debit Credit  

Mar-01                 Rent expense           890  

                                  To cash                890  

Mar-03              Account receivable       100  

                           To service revenue                100  

Mar-05                          Cash      55  

                               Service revenue                 55  

Mar-08                       Equipment            455  

                                        Cash                  60  

                               accounts payable                395  

Mar-12                              Cash      100  

                             To account receivable                100  

Mar-14                    Wage expense     390  

                                      To cash                 390  

Mar-22                   Utility expense        54  

                                       To cash                 54  

Mar-24                          Cash       1,110  

                             To notes payable               1,110  

Mar-27                Repair & maintenance       160  

                                       To cash                 160  

Mar-28                 Accounts payable       395  

                                         To cash                 395  

Mar-30                   Prepaid Insurance            1,330  

                                         To cash                1,330

Explanation: