Question
I am struggling with some of these journal entries. Could I please have some help with B-2 and B-4. Journalize the following transactions for Andrew
I am struggling with some of these journal entries. Could I please have some help with B-2 and B-4.
Journalize the following transactions for Andrew Birds Repair Business. Remember your journal entries should include date, debits, and credits.
B-1. Andrew Bird invested $35,000 cash in to the stock of his business in order to start an appliance repair business on 02/05/2018.
B-2. Andrew hired an employee to be paid $4,000 every two weeks and employed them for one two-week period. Assume the employee started working on 2/01/2018 Record the entry to journalize this expense on 2/14/2018.
B-3. Andrew paid for two years of the rent on his business in advance in the amount of $7,440 on 2/20/2018.
B-4. Andrew used cash on 2/25/2018 (the pay date) to pay the employee the wages that were earned from 2/01/2018 through 2/14/2018. Record the journal entry.
B-5. Andrew earned revenue that was paid in cash during the week for $1,900 on 03/01/2021.B-6. Andrew purchased $400 of office supplies on credit to be paid at a later date on 3/15/2018.
#B. Date 02/05/2018 Debit Credit 35,000 35,000 Account Cash Stock Invested cash into the stock of the business Wage Payable Accounts Payable 2/14/2018 4,000 4,000 2/20/2018 7,440 7,440 Prepaid Rent Cash Rent on the business in advance Accounts Payable/Wages Payable???? Cash 2/25/2018 03/01/2021 Cash Service Revenue 1,900 1,900 3/15/2018 400 Supplies Accounts Payable To recognize purchase of equipment on account 400Step by Step Solution
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