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I need help with the General Journal, specifically numbers 7 and 8. The drop down menu does not give unearned revenue as an option. What
I need help with the General Journal, specifically numbers 7 and 8. The drop down menu does not give "unearned revenue" as an option. What could it be instead?
Additionally, I would love to check the rest. Thank you!
! Required information Problem 2-7A Complete the steps in the measurement of external transactions (LO2-4, 2-5, 2-6) [The following information applies to the questions displayed below.] Below are the transactions for Ute Sewing Shop for March, the first month of operations. a March 1 Issue common stock in exchange for cash of $1,700. March 3 Purchase sewing equipment by signing a note with the local bank, $1,400. March 5 Pay rent of $470 for March. March 7 Martha, customer, places an order for alterations to several dresses. Ute estimates that the alterations will cost Martha $ 670. Martha is not required to pay for the alterations until the work is complete. March 12 Purchase sewing supplies for $117 on account. This material will be used to provide services to customers. March 15 Ute delivers altered dresses to Martha and receives $670. March 19 Ute agrees to alter 10 business suits for Bob, who has lost a significant amount of weight recently. Ute receives $570 from Bob and promises the suits to be completed by March 25. March 25 Ute delivers 10 altered business suits to Bob. March 30 Pay utilities of $82 for the current period. March 31 Pay dividends of $85 to stockholders. Required information No Date General Journal Debit Credit 1 March 01 1,700 Cash Common Stock 1,700 2 March 03 1,400 Equipment Notes Payable 1,400 3 March 05 470 Rent Expense Cash 470 4 March 07 No Journal Entry Required 5 March 12 117 Supplies Accounts Payable 117 6 March 15 670 Cash Service Revenue 670 7 March 19 Cash 8 March 25 No Transaction Recorded 9 March 30 82 Utilities Expense Cash 82 10 March 31 85 Dividends Cash 85Step by Step Solution
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