Q2 Transaction On August 2, Design Thinking Pty Ltd paid $14,000 for IT maintenance services to be provided over the next 12 months The payment was recorded as an asset Instructions Record the transaction in the general journal by selecting the correct accounts that are debited and credited (2 marks) General Journal August 2 Select Select account , Asset , Cash , Prepaid Services , Accounts Receivable , Machinery , Land , Liability , Accounts Payable , Wages Payable , Unearned Service Revenue , Loan Payable , Contributed Capital , Retained Earnings , Catering Service Revenue , Insurance Expense , Supplies Expense , Rent Expense , Wages Expense $14,000 Select Select account , Asset , Cash , Prepaid Services , Accounts Receivable , Machinery , Land , Liability , Accounts Payable , Wages Payable , Unearned Service Revenue , Loan Payable , Contributed Capital , Retained Earnings , Catering Service Revenue , Insurance Expense , Supplies Expense , Rent Expense , Wages Expense $14,000 Transaction On August 3, Design Thinking Pty Ltd received a cash payment in the amount of $5,000 for training services that were billed (invoiced) for in June Instructions Record the transaction in the general journal by selecting the correct accounts that are debited and credited (2 marks) General Journal August 3 Select Select account , Asset , Cash , Accounts Receivable , Supplies , Prepaid Insurance , Prepaid Rent , Land , Machinery , Liability , Accounts Payable , Wages Payable , Unearned Revenue , Loan Payable , Contributed Capital , Retained Earnings , Service Revenue , Insurance Expense , Supplies Expense , Rent Expense , Wages Expense $5,000 Select Select account , Asset , Cash , Accounts Receivable , Supplies , Prepaid Insurance , Prepaid Rent , Land , Machinery , Liability , Accounts Payable , Wages Payable , Unearned Revenue , Loan Payable , Contributed Capital , Retained Earnings , Service Revenue , Insurance Expense , Supplies Expense , Rent Expense , Wages Expense $5,000 Q1 Transaction On August 1, the business, Design Thinking Pty Ltd, received prepayment from a customer of $1000 for registration to an online training event to be delivered next month The cash receipt was recorded as a liability Instructions Record the transaction in the general journal by selecting the correct accounts that are debited and credited (2 marks) General Journal August 1 Select Select account , Asset , Cash , Accounts Receivable , Prepaid Insurance , Prepaid Rent , Supplies , Machinery , Land , Liability , Accounts Payable , Unearned Revenue , Loan Payable , Contributed Capital , Retained Earnings , Service Revenue , Insurance Expense , Supplies Expense , Rent Expense , Wages Expense , Depreciation Expense $1000 Select Select account , Asset , Cash , Accounts Receivable , Prepaid Insurance , Prepaid Rent , Supplies , Machinery , Land , Liability , Accounts Payable , Unearned Revenue , Loan Payable , Contributed Capital , Retained Earnings , Service Revenue , Insurance Expense , Supplies Expense , Rent Expense , Wages Expense , Depreciation Expense $1000

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Q2 Transaction: On August 2, Design Thinking Pty Ltd paid $14,000 for IT maintenance services to be provided over the next 12-months. The payment was

Transaction: On August 2, Design Thinking Pty Ltd paid $14,000 for IT maintenance services to be provided over the next 12-months. The payment was recorded as an asset.

Instructions: Record the transaction in the general journal by selecting the correct accounts that are debited and credited. (2 marks)

General Journal

August 2.	[ Select ] ["Select account", "Asset", "Cash", "Prepaid Services", "Accounts Receivable", "Machinery", "Land", "Liability", "Accounts Payable", "Wages Payable", "Unearned Service Revenue", "Loan Payable", "Contributed Capital", "Retained Earnings", "Catering Service Revenue", "Insurance Expense", "Supplies Expense", "Rent Expense", "Wages Expense"]		$14,000
		[ Select ] ["Select account", "Asset", "Cash", "Prepaid Services", "Accounts Receivable", "Machinery", "Land", "Liability", "Accounts Payable", "Wages Payable", "Unearned Service Revenue", "Loan Payable", "Contributed Capital", "Retained Earnings", "Catering Service Revenue", "Insurance Expense", "Supplies Expense", "Rent Expense", "Wages Expense"]		$14,000

Transaction: On August 3, Design Thinking Pty Ltd received a cash payment in the amount of $5,000 for training services that were billed (invoiced) for in June.

Instructions: Record the transaction in the general journal by selecting the correct accounts that are debited and credited. (2 marks)

General Journal

August 3.	[ Select ] ["Select account", "Asset", "Cash", "Accounts Receivable", "Supplies", "Prepaid Insurance", "Prepaid Rent", "Land", "Machinery", "Liability", "Accounts Payable", "Wages Payable", "Unearned Revenue", "Loan Payable", "Contributed Capital", "Retained Earnings", "Service Revenue", "Insurance Expense", "Supplies Expense", "Rent Expense", "Wages Expense"]		$5,000
		[ Select ] ["Select account", "Asset", "Cash", "Accounts Receivable", "Supplies", "Prepaid Insurance", "Prepaid Rent", "Land", "Machinery", "Liability", "Accounts Payable", "Wages Payable", "Unearned Revenue", "Loan Payable", "Contributed Capital", "Retained Earnings", "Service Revenue", "Insurance Expense", "Supplies Expense", "Rent Expense", "Wages Expense"]		$5,000

Q1:

Transaction: On August 1, the business, Design Thinking Pty Ltd, received prepayment from a customer of $1000 for registration to an online training event to be delivered next month. The cash receipt was recorded as a liability.

Instructions: Record the transaction in the general journal by selecting the correct accounts that are debited and credited. (2 marks)

General Journal

August 1.	[ Select ] ["Select account", "Asset", "Cash", "Accounts Receivable", "Prepaid Insurance", "Prepaid Rent", "Supplies", "Machinery", "Land", "Liability", "Accounts Payable", "Unearned Revenue", "Loan Payable", "Contributed Capital", "Retained Earnings", "Service Revenue", "Insurance Expense", "Supplies Expense", "Rent Expense", "Wages Expense", "Depreciation Expense"]		$1000
		[ Select ] ["Select account", "Asset", "Cash", "Accounts Receivable", "Prepaid Insurance", "Prepaid Rent", "Supplies", "Machinery", "Land", "Liability", "Accounts Payable", "Unearned Revenue", "Loan Payable", "Contributed Capital", "Retained Earnings", "Service Revenue", "Insurance Expense", "Supplies Expense", "Rent Expense", "Wages Expense", "Depreciation Expense"]		$1000