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On September 1, Pharoah Company has the following accounts and account balances: Cash $14,600, Accounts Receivable $1,680, Supplies $1,600, Accounts Payable $840, Unearned Revenue $1,340,
On September 1, Pharoah Company has the following accounts and account balances: Cash $14,600, Accounts Receivable $1,680, Supplies $1,600, Accounts Payable $840, Unearned Revenue $1,340, Owner's Capital $13,440, Service Revenue $3,440, and Salaries Expense $1,180 During the month of September, the bookkeeper for Pharoah Company prepared the following journal entries:
1. | Cash | 1,010 | |||
---|---|---|---|---|---|
Service Revenue | 1,010 | ||||
(To record cash received from services performed.) | |||||
2. | Salaries Expense | 590 | |||
Cash | 590 | ||||
(Paid salaries to date.) | |||||
3. | Accounts Payable | 170 | |||
Cash | 170 | ||||
(Paid creditors on account.) | |||||
4. | Cash | 840 | |||
Accounts Receivable | 840 | ||||
(Received cash in payment of account.) | |||||
5. | Unearned Revenue | 1,010 | |||
Service Revenue | 1,010 | ||||
(Provided services.) | |||||
6. | Supplies | 840 | |||
Accounts Payable | 840 | ||||
(To record supplies purchased on account.) |
Post the September transactions and determine the ending balance in each account
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