Required information The following is a list of a few transactions which occurred for a Consulting firm in 2020. a. Received $9,530 cash for consulting services rendered. b. Purchased $670 of office equipment, paying 30 percent in cash and owing the rest on a short-term note. c. Received $920 from clients for consulting services to be performed in the next year. d. Bought $500 of supplies on account. Required: 1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands, not in dollars.) View transaction list Journal entry worksheet Received $9,530 cash for consulting services rendered. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Required information The following is a list of a few transactions which occurred for a Consulting firm in 2020. a. Received $9,530 cash for consulting services rendered. b. Purchased $670 of office equipment, paying 30 percent in cash and owing the rest on a short-term note. c. Received $920 from clients for consulting services to be performed in the next year. d. Bought $500 of supplies on account. Required: 1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands, not in dollars.) View transaction list Journal entry worksheet Purchased $670 of office equipment, paying 30 percent in cash and owing the rest on a short-term note. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Required information The following is a list of a few transactions which occurred for a Consulting firm in 2020. a. Received $9,530 cash for consulting services rendered. b. Purchased $670 of office equipment, paying 30 percent in cash and owing the rest on a short-term note. c. Received $920 from clients for consulting services to be performed in the next year. d. Bought $500 of supplies on account. Required: 1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands, not in dollars.) View transaction list Journal entry worksheet Received $920 from clients for consulting services to be performed in the next year. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Required information The following is a list of a few transactions which occurred for a Consulting firm in 2020. a. Received $9,530 cash for consulting services rendered. b. Purchased $670 of office equipment, paying 30 percent in cash and owing the rest on a short-term note. c. Received $920 from clients for consulting services to be performed in the next year. d. Bought $500 of supplies on account. Required: 1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands, not in dollars.) View transaction list Journal entry worksheet Bought $500 of supplies on account. Note: Enter debits before credits. Transaction General Journal Debit Credit d. The following transactions are April activities of Waves Inc., which operates several indoor water parks, offering tubes and rafts for floating and merchandise for sale. a. Waves provided to customers merchandise inventory costing Waves $4,790. Consider only the effect on cost of goods sold [expense] here. Do not consider sales revenue for this question.] b. Waves paid $3,500 on the electricity bill for March (recorded as an expense in March). c. Waves paid $3,800 to employees for work in April. d. Waves paid $3,200 to plumbers for repairing a broken pipe in the kitchen. e. Waves received the April electricity bill for $3,900 to be paid in May. For each of the above transactions, complete the tabulation, indicating the amount and effect (+ for increase and - for decrease) of each transaction. (Remember that A = L + SE; R - E = Nl; and Nl affects SE through Retained Earnings.) The first transaction is provided as an example. (Reductions in account balances and loss amounts should be indicated with a minus sign.) Balance Sheet Income Statement Assets Liabilities + Stockholders Equity Revenues Expenses Net Income a. (4,790) (4.790) 4,790 (4,790) b. c. d. e
