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can someone show me the journal entry for this. Sstudy Cuide: Chpter , 2. Study Guide McKayla has decided to start a daycare. She will
can someone show me the journal entry for this.
Sstudy Cuide: Chpter , 2. Study Guide McKayla has decided to start a daycare. She will own and operate by herself Here are the business transactions for the months of November and December. 1. Post the journal entries. (Use current year) 2. Post fom journal entries to T-Account 3. Determine the balance in each T-Account (will be either dr or cr) 4. Post from T-Account balance to Trial Balance s. Add debit side and credit side. They must be the same Nov. 1: In order to begin the business on November is, she has taken $5,000 from her personal savings account and put into the business checking account. McKayla rents a building for $600 and pays cash. This is for the month of Nov She goes shopping for the daycare. She buys groceries for $750 and some Nov. 1: Nov. 15: toys for the children in the amount of $500. Expense both items. Nov. 16: She also buys furniture for the daycare. The store where she is buying the furniture is letting buy on account. She will be able to pay later. The furniture totaled $3,500 Dec. 1 First day of week, McKayla explains to the parents the fees. The fee per child per Dec. 1: Dec. 5: Dec. 12: week is $100 and will be due at the end of each week. McKayla pays in cash her rent for the month of Dec in the amount of $600. The parents pay in cash to McKayla $600. The pa rents pay in cash to McKayla $500. One parent asked if she could pay the $100 she owes at the end of the month and McKayla agrees. Dec. 16: McKayla buys more groceries in the amount of S300 Dec. 19: The parents pay in cash to McKayla S550. This week a few of the parents could not pay the entire $100. McKayla allows them to pay her later. They owe her a total $50. The parents pay in cash to McKayla $600. The parent that owes her $100 from Dec 12 also pays her in cash. Dec. 26: Dec. 29: McKayla pays $500 on the furniture she bought on Nov 16 CHART OF ACCOUNTS: Cash Accounts Receivable Furniture Accounts Payable Equity -McKayla Fees Earned Activity Expense Food Expense Rent ExpenseStep by Step Solution
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