Question
Exercise 4.2 (Algo) Recording transactions in the general journal. LO 4-1 Here are selected transactions of Mason Consulting Services. Record a journal entry for
Exercise 4.2 (Algo) Recording transactions in the general journal. LO 4-1 Here are selected transactions of Mason Consulting Services. Record a journal entry for each transaction. DATE TRANSACTIONS 20X1 Sept. 1 Zack Mason invested $44,000 in cash to start the firm. 4 Purchased office equipment for $4,900 on credit from Den, Inc.; received Invoice 9823, payable in 30 days. 16 Purchased an automobile that will be used to visit clients; issued Check 1001 for $12,900 in full payment. 20 Purchased supplies for $360; paid immediately with Check 1002. 23 Returned damaged supplies for a cash refund of $90. 30 Issued Check 1003 for $2,600 to Den, Inc., as payment on account for Invoice 9823. 30 Withdrew $1,400 in cash for personal expenses. 30 Issued Check 1004 for $900 to pay the rent for October. 30 Performed services for $3,050 in cash. 30 Paid $355 for monthly telephone bill, Check 1005. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 Zack Mason invested $44,000 in cash to start the firm. Note: Enter debits before credits. Date Sep 01, 20X1 General Journal Debit Credit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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