Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I'm really struggling in my accounting class and was wondering If I could get some help recording a couple general journal entries. 1. On july

I'm really struggling in my accounting class and was wondering If I could get some help recording a couple general journal entries.

1. On july 17, a previously purchased in january 2014 mower broke down and is repaired by the mower dealer. Cost of repair is $915 and the mower dealer will be paid in 30 days.

Debit Mower repair expense $915, Credit Accounts Receivable for $915? I'm not sure if this entry is right.

2. On July 19, purchase $26000 of supplies with cash. These supplies will be consumed over the next 12 months.

Debit Supplies Expense 26,000, Credit cash $26,000?

3. July 20, collect 30,000 from the property management company for the work performed in june.

Not sure how to do this entry at all...

I'd appreciate any help I can get. Thank you.

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

Students also viewed these Accounting questions

Question

SK7814 (2).xlsx

Answered: 1 week ago