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Monroe Company rents and sells electronic equipment. During September, Monroe engaged in the transactions described below. Sept. 5 Purchased a Chevrolet truck for $27,200 cash.
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Monroe Company rents and sells electronic equipment. During September, Monroe engaged in the transactions described below.
Sept. 5 Purchased a Chevrolet truck for $27,200 cash. 8 Purchased inventory for $3,300 on account. 10 Purchased $1,400 of office supplies on credit. 11 Rented sound equipment to a traveling stage play for $12,800. The producer of the play paid for the service at the time it was provided. 12 Rented sound equipment and lights to a local student organization for a school dance for $3,500. The student organization will pay for services within 30 days. 18 Paid employee wages of $4,170 that have been earned during September. 22 Collected the receivable from the September 12 transaction. 23 Borrowed $14,100 cash from a bank on a 3-year note payable. 28 Issued common stock to new stockholders for $40,000. 30 Paid a $4,350 cash dividend to stockholders. Required:
Prepare a journal entry for each transaction.
Sept. 5 - Accounts Payable
- Cash
- Service Revenue
- Supplies
- Trucks
- Accounts Receivable
- Cash
- Inventory
- Supplies
- Trucks
(Record purchase of truck) 8 - Accounts Payable
- Accounts Receivable
- Cash
- Inventory
- Service Revenue
- Accounts Payable
- Accounts Receivable
- Cash
- Inventory
- Supplies
(Record purchase of inventory on account) 10 - Accounts Payable
- Accounts Receivable
- Service Revenue
- Supplies
- Supplies Expense
- Accounts Payable
- Accounts Receivable
- Cash
- Inventory
- Supplies
(Record purchase of supplies on account) 11 - Accounts Payable
- Accounts Receivable
- Cash
- Notes Payable
- Service Revenue
- Accounts Receivable
- Cash
- Dividends
- Service Revenue
- Wages Expense
(Record performance of services) 12 - Accounts Payable
- Accounts Receivable
- Cash
- Notes Payable
- Service Revenue
- Accounts Payable
- Accounts Receivable
- Cash
- Common Stock
- Service Revenue
(Record performance of services on account) 18 - Accounts Payable
- Cash
- Service Revenue
- Wages Expense
- Wages Payable
- Accounts Payable
- Accounts Receivable
- Cash
- Wages Expense
- Wages Payable
(Record payment of wages) 22 - Accounts Payable
- Accounts Receivable
- Cash
- Trucks
- Wages Expense
- Accounts Payable
- Accounts Receivable
- Cash
- Common Stock
- Inventory
(Record collection of cash on account) 23 - Cash
- Common Stock
- Inventory
- Notes Payable
- Notes Receivable
- Cash
- Notes Payable
- Notes Receivable
- Supplies
- Trucks
(Record borrowing of cash) 28 - Accounts Payable
- Accounts Receivable
- Cash
- Common Stock
- Inventory
- Accounts Payable
- Accounts Receivable
- Cash
- Common Stock
- Dividends
(Record issuance of common stock) 30 - Accounts Receivable
- Cash
- Common Stock
- Dividends
- Notes Payable
- Accounts Payable
- Accounts Receivable
- Cash
- Dividends
- Inventory
(Declared and paid cash dividend)
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