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On April 1, 2020, Neal Chianese established an interior decorating business Neal Designs. During the month, Neal completed the following transactions related to the
On April 1, 2020, Neal Chianese established an interior decorating business Neal Designs. During the month, Neal completed the following transactions related to the business. Use the following chart of accounts to journalize each transaction in this quiz. Chart of Accounts 11 Cash 12 Accounts receivable 14 Computer supplies 15 Prepaid rent 18 Equipment 21 Account payable 23 Notes payable 31 Neal Chianese, Capital 32 Neal Chianese, Drawing 41 Fees earned 51 Wages expense 52 Rent expense April 1: Neal transferred cash from a personal bank account to an account used for the business, $20,000. DATE 4/1 QUESTION 3 April 2: Paid two month's rent, $1,400. DATE 4/2 Debit Credit Debit Credit April 5: Purchased a used truck for $31,000, paying $6,000 cash and giving a note payable for the remainder. DATE 4/5 QUESTION 5 April 12: Earned $17,000 in fees and billed customers. DATE 4/12 QUESTION 6 April 30: Paid creditors on account, $1,350. DATE 4/30 Debit Credit Debit Credit Debit Credit
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