Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I just want to make sure my journal entries are correct. 1. Borrowed $80 in cash from a bank at the beginning of 2018 2.

image text in transcribed
image text in transcribed
I just want to make sure my journal entries are correct.
1. Borrowed $80 in cash from a bank at the beginning of 2018 2. Received $50 cash from the 2017 consulting engagement. 3. Paid $30 cash for the 2017 operating epenses. 4. Earned $60 in consulting revenue for 2018-collected one half of the revenue in cash 5. Incurred $35 of operating epenses in 2018-paid $20 of the operating expenses in cash 6. Recorded 2018 depreciation opense of $15 on the equipment purchased in 2017 7. Paid $8 of interest for the $80 cash borrowed at the beginning of 2018. 0 Cash Accounts Payable 50 Cash Accounts Receivable Operating expense Cash Une and Service Ravenue Operating expenses Accounts Payable Depreciation expese Decum. Depreciation o Accounts Payabl Cash Intancy expense Cash Jos

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_2

Step: 3

blur-text-image_3

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

Accounting Information System

Authors: James A. Hall

7th Edition

978-1439078570, 1439078572

More Books

Students also viewed these Accounting questions

Question

What are some of the hiring standards to avoid?

Answered: 1 week ago

Question

What are some metrics for evaluating recruitment and selection?

Answered: 1 week ago