Question
Journalizing Transactions Remington Communications has been providing cellular phone service for several years. During November and December, the following transactions occurred: Nov. 2 Remington received
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Journalizing Transactions
Remington Communications has been providing cellular phone service for several years. During November and December, the following transactions occurred:
Nov. 2 Remington received $3,000 for November phone service from Enrico Company. 6 Remington purchased $5,750 of supplies from Technology Associates on account. 10 Remington paid $4,250 to its hourly employees for their weekly wages. 15 Remington paid $5,750 to Technology Associates in full settlement of its account payable. 28 Remington paid $1,750 for utilities used during November. 30 Remington received a bill from Monticello Construction for $1,430 for repairs made to Remington's loading dock on November 15. Remington plans to pay the bill in early December. Dec. 10 Remington paid $1,430 to Monticello Construction to settle the repair bill received on November 30. Required:
1. Prepare a journal entry for each of the above transactions.
Nov. 2 - Accounts Payable
- Accounts Receivable
- Cash
- Inventory
- Service Revenue
- Accounts Payable
- Accounts Receivable
- Cash
- Inventory
- Service Revenue
(Record revenue earned) 6 - Accounts Payable
- Accounts Receivable
- Cash
- Supplies
- Supplies Expense
- Accounts Payable
- Accounts Receivable
- Cash
- Supplies
- Supplies Expense
(Record purchase of supplies on account) 10 - Accounts Payable
- Accounts Receivable
- Cash
- Wages Expense
- Wages Payable
- Accounts Payable
- Accounts Receivable
- Cash
- Wages Expense
- Wages Payable
(Record payment of wages) 15 - Accounts Payable
- Accounts Receivable
- Cash
- Inventory
- Service Revenue
- Accounts Payable
- Accounts Receivable
- Cash
- Inventory
- Service Revenue
(Record payment on account) 28 - Accounts Payable
- Accounts Receivable
- Cash
- Utilities Expense
- Utilities Payable
- Accounts Payable
- Accounts Receivable
- Cash
- Utilities Expense
- Utilities Payable
(Record use of utilities) 30 - Accounts Payable
- Accounts Receivable
- Cash
- Repairs and Maintenance Expense
- Repairs and Maintenance Payable
- Accounts Payable
- Accounts Receivable
- Cash
- Repairs and Maintenance Expense
- Repairs and Maintenance Payable
- Wages Expense
(Record repairs performed on account) Dec. 10 - Accounts Payable
- Accounts Receivable
- Cash
- Service Revenue
- Supplies
- Accounts Payable
- Accounts Receivable
- Cash
- Service Revenue
- Supplies
(To record payment on account) Feedback
2. Conceptual Connection: What accounting principle did you apply in recording the November 10 transaction?
- Conservatism principle
- Expense recognition principle
- Historical cost principle
- Revenue recognition principle
Feedback
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