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How would I post May 1st and 2nd to the general journal? May 1st Cash Debit 200, Vending commission revenue credit 200 May 2nd Surround
How would I post May 1st and 2nd to the general journal?
May 1st Cash Debit 200, Vending commission revenue credit 200
May 2nd Surround sound system Debit 3,600, Big screen Tv Debit 8,000, Cash Credit 11,600
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E Chapter 6A, Problem 2CPA Bookmark Show all steps: ON During the month of May 20- The General's Favorite Fishing Hole engaged in the following transactions. These transactions required an expansion of the chart of accounts as shown below. Revenues 401 Registration Fees 404 Vending Commission Revent 146 . Assets 101 Cash 122 Accounts Receivable 142 Office Supplies 144 Food Supplies 145 Prepaid Insurance Prepaid Suliscriptions 161 Land 171 Buildings 171.1 Accum. Depr.-Buildings 181 Fishing Boats 181.1 Accum. Depr.--Fishing Boats 182 Surround Sound System 182.1 Accum. Depr.Surround Sound Sys. 183 Big Screen TV 183.1 Accum. Depr.Big Screen TV Expenses SII Wages Expense 512 Advertising Expense 521 Rent Expense 523 Office Supplies Expense 524 Food Supplies Expense 525 Phone Expense 533 Utilities Expense 535 Insurance Expense 536 Postage Expense 537 Repair Expense 540 Depr. Exp.-Buildings 541 Depr. Exp.-Surround Sound Sys. 542 Depr. Exp.-Fishing Boats 543 Depr. Exp.-Big Screen TV 546 Satellite Programming Exp. 548 Subscriptions Expense Liabilities 202 Accounts Payable 219 Wages Payable Owner's Equity 311 Bob Night, Capital 312 Bob Night, Drawing 313 Income Summary May 1 In order to provide snacks for guests on a 24-hour basis, Night signed a contract with Snack Attack. Snack Attack will install vending machines with food and drinks and pay a 10% commission on all sal Estimated payments are made at the beginning of cach month. Night received a check for $200, the estimated commission on sales for May Night purchased a surround sound system and big screen TV with a digital satellite system for the guest lounge. The surround sound syste cost $3,600 and has an estimated useful life of five years and no salva value. The TV cost $8,000, has an estimated useful life of eight years, and has a salvage value of $800. Night paid cash for both itemsStep by Step Solution
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