Answered step by step
Verified Expert Solution
Question
1 Approved Answer
August 1,2021 , the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, wer eported by Bonita Ltd. During
August 1,2021 , the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, wer eported by Bonita Ltd. During August, the following summary transactions were completed. Aug. 1 Paid $410 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Hint: Use the Prepaid Advertising account.) 3 Paid August rent \$410. (Hint: Use the Prepaid Rent account.) 6 Received $2,920 cash from customers in payment of accounts. 10 Paid $3,190 for salaries due employees, of which $1,790 is for August and $1,400 is for July salaries payable. 13 Received $4,120 cash for services performed in August. 15 Purchased additional equipment on account $2,010. 17 Paid creditors $2,010 of accounts payable due. 22 Purchased supplies on account $790. 24 Paid salaries $3,060. 27 Performed services worth $5,240 on account and billed customers. 29 Received $820 from customers for services to be provided in the future. 31 Declared and paid a $520 dividend. Record the above summary transactions. (Record journal entries in the order presented in the problem. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started