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3. The chart of accounts used by Ramos Company is listed below. CHART OF ACCOUNTS Cash Accounts Receivable Supplies Equipment Notes Payable Rent Expense
3. The chart of accounts used by Ramos Company is listed below. CHART OF ACCOUNTS Cash Accounts Receivable Supplies Equipment Notes Payable Rent Expense - (1 pt. ea. 8 pts) Unearned Service Revenue Owner's Capital Owner's Drawings Service Revenue Accounts Payable 1. The owner invests $70,000 cash to start the business. 2. Paid $1,800 cash for rent for the current month. 3. Purchased equipment for $190,000, paying $75,000 cash and signing a 5-year, 10% note payable for the remainder. 4. Purchased $1,000 of supplies on account. 5. Received $1,100 cash advance from a customer for future copying. 6. Paid $800 on account for supplies purchased in transaction 4. 7. The owner withdrew $1,400 from the business for personal expenses. 8. Billed a customer for $550 for photocopy work performed. Required: Prepare the journal entries for the 8 items above.
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