Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Journalize the following selected transactions for Long Company's first month of operations in a two-column Journal, identifying each entry by letter. Omit explanations. It an

image text in transcribed
image text in transcribed
Journalize the following selected transactions for Long Company's first month of operations in a two-column Journal, identifying each entry by letter. Omit explanations. It an amount box does not require an entry, leave it blank. a, Received $18,000 from Katie Long, owner, as an investment in the business. Cash 18,000 Katie Long, Capital 78.000 b. Purchased equipment for $27,000, paying $10,000 in cash and giving a note payable for the remainder, Equipment 27.000 Cash 21 10,000 Notes Payable 17.000 c. Pald $2,300 for rent for April. Rent Expense Cash 2.300 2,100 di Purchased $1,500 of supplies on account Supplies Accounts Payable 1.50 e. Recorded $9,800 of foes earned on account. Unearned Fees 9.800 Fees Earned 9,000 f. Received $7,500 in cash for fees earned. g. Paid $1,200 to creditors on account. Accounts Payable Accounts Receivable 1,200 1,200 h. Paid wages of $3,425. Wages Expense 3,425 Cash 3,425 i. Received $7,900 from customers on account. Cash 7,900 Accounts Payable 7,900 j. Recorded owner's withdrawal of $1,875. Katie Long, Drawing 1,875 Cash 1,875

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

Step: 3

blur-text-image

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

Microfinance

Authors: Gianfranco A. Vento, Mario La Torre

4th Edition

1403997896, 9781403997890

More Books

Students also viewed these Accounting questions