Question
Consider the following transactional data for the first month of operations for White Glove Cleaning: Nov. 1 CJCJ Hanoush contributed $25,000 and atruck, with a
Consider the following transactional data for the first month of operations for White Glove Cleaning:
Nov. | 1 | CJCJ Hanoush contributed $25,000 and atruck, with a market value of $14,000, to the business in exchange for capital. |
2 | The business paid $4,400 to Pay Me Properties for November through February rent. (Debit Prepaid Rent) | |
3 | Paid $4,200 for a business insurance policy for the term November 1, 2018 through October, 31, 2019. (Debit Prepaid Insurance) | |
4 | Purchased cleaning supplies on account, $340. | |
5 | Purchased on account an industrial vacuum cleaner costing $5,500. The invoice is payable November 25. | |
7 | Paid $3,000 for a computer and printer. | |
9 | Performed cleaning services on account in the amount of $3,000. | |
10 | Received $1,100 for services rendered on November 9. | |
15 | Paid employees, $750. | |
16 | Received $9,000 for a 1-year contract beginning November 16 for cleaning services to be provided. Contract begins November 16, 2018, and ends November 15, 2019. (Credit Unearned Revenue) | |
17 | Provided cleaning services and received $300 cash. | |
18 | Received a utility bill for $275 with a due date of December 4, 2018. (Use Accounts Payable) | |
20 | Borrowed $30,000 from bank with interest rate of 12% per year. | |
21 | Received $1,400 on account for services performed on November 9. | |
25 | Paid $2,750 on account for vacuum cleaner purchased on November 5. | |
29 | Paid $300 for advertising. | |
30 | Hanoush withdrew cash of $400 from the business. |
Requirement 1.
Journalize the transactions, using the following accounts: Cash; Accounts Receivable; Cleaning Supplies; Prepaid Rent; Prepaid Insurance; Equipment; Truck; Accounts Payable; Unearned Revenue; Notes Payable; Hanoush, Capital; Hanoush, Withdrawals; Service Revenue; Salaries Expense; Advertising Expense; and Utilities Expense. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.)
Date | Accounts | Debit | Credit |
Nov. 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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