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please answer parts A, B, C Garwood Marine is a buail repair yard. During August is transactions included the following: 1. On Auguti 1, paid
please answer parts A, B, C
Garwood Marine is a buail repair yard. During August is transactions included the following: 1. On Auguti 1, paid rent for the month of Aupus, $4.400. 2. On August 3. at request of Kiwi lnsurance. Inc., made repoins un berat of Michat Fay. Sent bill for \$5.620 for services rendered to Kiwi Insurance. Inc. (Credit Repair Service Revenue.) 3. On Augus 9, made repairs to boat of Dennls Comner and collected in full the charge or $2,8,30. 4. On Augus 14. placed adverlisement in Yahhrims. Whrld to be published in issue of August 20 at cost of 5165 , payment to be made within 30 days. 5. On Auguxt 25, received a check for 55.620 from Kiwi Insurance, Inc. representing collection of the receivable of Augus 3 . 6. On August 26, made repair on the verou Julependent totaling $1,890. Collected $400 cash: halance due wilhin 30 days. 7. On August 30, kent check in Yachrimy Whrld in payment of the liability incurred on August 14. 8. On August 31, Barbara Garwood, owner of Garwood Marine. withdrew 57.600 for personal use. a. Write an analysis of each transachion. An ckample of the type of analysis desired is as follows: Instructians 1. a. Rent is an nperating expenve. Expenses are recotded by debits. Debit Rent Expense, SA, 400. b. The assel Cash was deereaked. Decreises in askels are recorded by credits. Credit Cash, 54,400). b. Prepare a journal entry (including explanation) for each of the above Iranactions. c. Transactions 1,7, and 8 all involve eash payments. yet only one of thene transuctions is recorded as an expense. Describe three situations in which at cash payment would not involve recognilion of an expense Step by Step Solution
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