Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mark Gordon decided to start a business as a disc jockey for wedding receptions, reunions, and other parties. His business is called Music Express. Record

image text in transcribed

Mark Gordon decided to start a business as a disc jockey for wedding receptions, reunions, and other parties. His business is called Music Express. Record the following ournal entries for Music Express (in proper journal entry format): 1. Mark transferred $7,000 from a personal bank account to an account to be used for his business. 2. Purchased $5,700 of stereo equipment on account. 3. Paid for an advertisement in local newspapers, $500. 4. Paid cash for supplies, $75 5. Received $1,000 cash from customers for music provided at class reunions. 6. Paid for stereo equipment purchased in (b). 7. Provided music at a wedding reception; the bride's father was billed $300. Payment is due in 30 days. 8. Paid wages of an assistant, $150. 9. Received cash from the customer billed in (g). 10. Mark withdrew $575 cash for personal use

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

International Accounting Standards Regulations Financial Reporting

Authors: Greg N. Gregoriou, Mohamed Gaber

1st Edition

0750669837, 978-0750669832

More Books

Students also viewed these Accounting questions

Question

6. Describe to a manager the different types of distance learning.

Answered: 1 week ago

Question

1. Explain how new technologies are influencing training.

Answered: 1 week ago