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Following is a list of events and transactions occurred by Sandoval Dry Cleaners. Accounting Transactions No. Transactions 1. Purchased $900 of dry cleaning supplies; $500
Following is a list of events and transactions occurred by Sandoval Dry Cleaners. Accounting Transactions No. Transactions 1. Purchased $900 of dry cleaning supplies; $500 was paid in cash and the rest was placed on account. 2. Provided dry cleaning services (10 suits X $20/suit) to customers and received cash. 3. Paid $400 towards the balance owed on account to a supplier. (Hint: Supplies were purchased on account previously.) 4. Received $100 from a customer for future dry cleaning services. Prepare journal entries using the chart of accounts provided. Chart of Accounts Assets Liabilities Stockholders' Equity Cash Accounts Payable Common Stock Accounts Receivable Unearned Revenue Retained Earnings Inventory Taxes Payable Service Revenue Supplies Notes Payable Sales Revenue Prepaid Insurance Advertising Expense Equipment Utilities Expense Building Wages and Salaries Expense Land Insurance Expense Accumulated Depreciation Supplies Expense
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