Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ed at of Shangri-La Spa is a sole proprietorship owned by Claire Khera. During the month of September 2018, the following transactions took place. Sep
ed at of Shangri-La Spa is a sole proprietorship owned by Claire Khera. During the month of September 2018, the following transactions took place. Sep 1 Provided services to a customer on account worth $5,840. Sep 3 Borrowed $4,000 cash from the bank. Sep 6 Provided services to a customer and received $3,320 in cash. Sep 7 Received the maintenance bill for $220 which will be paid later. Sep 10 Paid $6,850 cash to reduce the amount owed to a supplier. Sep 12 Collected $1,090 cash from customers owing on account. Sep 14 Paid the maintenance bill from September 7. Sep 15 Paid a portion of the bank loan principal with $1,400 cash. Sep 19 Paid rent for the month with $1,420 cash. Sep 27 Purchased equipment for $1,300 which will be paid later. Prepare the journal entries for the above transactions. Do not enter dollar signs or commas in the input boxes. Engi Date 2018 Sep 1 Sep 3 Account Title and Explanation Debit Credit To record services on account Sep 6 To record borrowing of funds from bank Sep 7 To record cash sales To record maintenance bill hp Sep 7 Sep 10 To record maintenance bill Sep 12 To record payment to suppliers Sep 14 Sep 15 Collect cash on account Paid amount owing Sep 14 Sep 15 Sep 19 Sep 27 Paid amount owing = To record repayment of portion of bank loan principal 0 To record rent for the month 0 Check To record the purchase of equipment a
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