Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

JOURNAL ENTRIES During the month of April 2020, Imagination Station completed the following transactions for their daycare. Using a journal entry include paying an expense,

image text in transcribed

JOURNAL ENTRIES During the month of April 2020, Imagination Station completed the following transactions for their daycare. Using a journal entry include paying an expense, prepaying rent or insurance, purchasing supplies, buying a depreciable asset. Earning revenue for cash and on credit, paying down a liability, receiving a prepayment from a customer, paying wages/salaries, paying dividends, and issuing common stock. April 1 1 2 5 8 9 14 16 20 23 25 Paid first month's rent on facility, $1,200 Paid a one-year premium for insurance, $550 Purchased food on account, $650 Bought a playset for $3,000, paying $1,000 down and signing a note to pay the balance in 90 days. Imagination Station plans to use the playset for outdoor activities. Received $3,000 for childcare tuition Purchased office supplies on account, $100 Issued a check for cleaning on the daycare $200 Paid $2,000 on account Received $500 in deposits to reserve a spot for a client's child Paid wages to facility members for $3,000 Received $5,000 for childcare tuition Using this information put these entries to T accounts/General Ledger (Make sure you label each account in a way that allows me to figure out which numbers relate to unadjusted, adjusted, and then closing entries)|

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

The Audit Process Principles Practice And Cases

Authors: Stuart Manson, Iain Gray, Louise Crawford

6th Edition

1408081709, 978-1408081709

More Books

Students also viewed these Accounting questions