Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

HCSC Inc. began operations on September 1 , 2 0 2 3 with an investment of $ 4 2 , 0 0 0 cash into

HCSC Inc. began operations on September 1,2023 with an investment of $42,000 cash into the business.
During the month of September, HCSC completed the following additional transactions:
Sep 02 HCSC borrowed $12,600 from First National Bank and signed a note payable for the debt.
Sep 04 Purchased supplies on credit for $1,400.
Sep 08 Made a customer repair and collected the fee of $2,500.
Sep 13 Paid the supplier for the supplies received on September 4.
Sep 15 Paid employees wages of $1,100 in cash.
Sep 18 Made a customer repair and billed them; however, HCSC did not collect the $3,100.
Sep 21 Collected $1,400 from a customer for a job to be performed in October.
Sep 29 Paid rent for the month of September in the amount of $4,200 in cash.
Sep 30 There was $800 worth of supplies on hand at the end of September.
The journal entry to record the September 30th transaction would include a:
Select one:
a. Debit to Accounts Payable for $800
b. Debit to Supplies Expense for $800
c. Credit to Supplies for $600
d. Credit to Supplies Expense for $600
e. Credit to Cash for $600

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

How does the production possibilities frontier illustrate scarcity?

Answered: 1 week ago

Question

How do our biological rhythms impact daily functioningpg12

Answered: 1 week ago

Question

How do you add two harmonic motions having different frequencies?

Answered: 1 week ago