Question

During January 2018, the following transactions occur:

Answer 1

Answer:

See explanation section

Explanation:

Jan. 1     Equipment           Debit        $20,300

             Cash                     Credit       $20,300

To record the purchase of equipment assuming by cash.

Jan. 4    Accounts payable    Debit        $10,300

             Cash                         Credit        $10,300

To record the cash paid to accounts payable.

Jan. 8     Purchase           Debit        $90,900

              Accounts payable              Credit       $90,900

To record the purchase of additional inventory (supplies) on account

Jan. 15    Cash                             Debit        $22,800

              Accounts receivable   Credit       $22,800

To record the cash received from customers

Jan. 19    Salaries expense         Debit       $30,600

               Cash                             Credit      $30,600

To record the cash paid for salaries expense

Jan. 28    Utilities expense         Debit       $17,300

               Cash                            Credit       $17,300

To record the cash paid for utilities expense

Jan. 30    Accounts receivable   Debit       $228,000

               Sales                            Credit       $228,000

To record the sales on account.

Answer 2

Answer:

Please see explanation

Explanation:

January 1 :

Debit : Equipment account : $20,300

Credit : Cash account : $20,300

January 4 :

Debit : Accounts Payables account : $10300

Credit : Cash account : $10300

January 8 :

Debit : Inventory account : $90900

Credit : Accounts Payables : $90900

January 15 :

Debit : Cash account : $22800

Credit : Accounts Receivables account : $22800

January 19 :

Debit : Salaries expense account : $30600

Credit : Cash account : $30600

January 28 :

Debit : Utilities expenses : $17300

Credit : Cash account : $17300

January 30 :

Debit : Accounts Receivables account : $228000

Credit : Sales account : $228000

Debit : Cost of Goods Sold : $119000

Credit : Inventory account : $119000