Question
Mr. Hollywood opened a health food consulting business on October 1, 2021. During the month, the following transactions occurred: A. Mr. Hollywood transferred $5,000 from
Mr. Hollywood opened a health food consulting business on October 1, 2021. During the month, the following transactions occurred:
A. Mr. Hollywood transferred $5,000 from a personal bank account to an account to be used by the business.
B. Paid advertising expense, $1,800
C. A client called to book Mr. Hollywoods time in November; My. Hollywood gave a quote of $1,000.
D. Mr. Hollywood completed a review of a clients dietary intake for one week and charged the client $500. The client has not yet paid.
E. Paid cash for misc. items, $50
F. Paid telephone bill for the month, $180
G. Withdrew cash for personal use, $2,000
Journalize the above transactions directly in the following accounts:
Cash; Accounts Receivable; Mr. Hollywood, Capital; Mr. Hollywood, Withdrawals; Advertising Expense; Miscellaneous Expense; Fees Earned; Telephone Expense;
Account | Debit (DR) | Credit (CR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started