Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On October 1, 2011, Mary Street started a new business called EconoTravel. EconoTravel has the following chart of accounts: Cash Accounts Accounts Payable Revenue
On October 1, 2011, Mary Street started a new business called EconoTravel. EconoTravel has the following chart of accounts: Cash Accounts Accounts Payable Revenue Unearned Revenue Rent Expense Receivable Office Supplies Note Payable Salaries Expense Office Equipment M. Street, Capital Interest Expense Prepaid Rent M. Street, Withdrawals Supplies Expense Prepare journal entries to record the following transactions. For each response, you must indicate the account being debited and credited and the amount (for instance: debit cash $2,000, credit office supplies $2,000 October 1 Received $30,000 cash investment from owner to begin the business Accounting Cash Debit 30000 Credit M. Street, Capital 30000
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