Answered step by step
Verified Expert Solution
Question
1 Approved Answer
saction Entries ro Clean, a firm providing house-cleaning services, began business on April 1. The following accounts in its general ledger are needed to record
saction Entries ro Clean, a firm providing house-cleaning services, began business on April 1. The following accounts in its general ledger are needed to record the sactions for April: Cash; Accounts Receivable, Supplies, Prepaid Van Lease; Equipment; Accounts Payable; Notes Payable Common Stock; Retained ings, Dividends; Cleaning Fees Earned; Wage Expense; Advertising Expense; and Fuel Expense. sing the accounting equation, record each of the transactions in columnar format. se journal entries to record the following transactions for April in the general journal il 1 Randy Storm invested $11,500 cash to begin the business; he received common stock for his investment. 2 Paid six months' lease on a van, $2,850. 3 3 4 7 21 23 28 29 30 30 Borrowed $10,000 from a bank and signed a note payable agreeing to repay the $10,000 in one year plus 10 percent interest. Purchased $5,500 of cleaning equipment; paid $3,500 down with the remainder due within 30 days Purchased cleaning supplies for $4,300 cash. Paid $350 for newspaper advertisements to run during April Billed customers for services, $3,500. Paid $1,500 on account to cleaning equipment firm (see April 3 transaction) Collected $2,300 from customers on account. Randy Storm received a $1,000 cash dividend. Paid wages for April, $1,750. Paid service station for gasoline used during April, $225. Accounts Prepaid Van Accounts Retaine Cash Supplies + Equipment - +Notes Payable +Common Stock + Receivable Lease Payable Earning 0 0 0 0 0 0 0 0 0 0
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