Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Short answer journal entries! 1) Katy Williams is the manager of Blue Light Arcade. The company provides entertainment for parties and special events. a. Blue

Short answer journal entries!

1) Katy Williams is the manager of Blue Light Arcade. The company provides entertainment for parties and special events.

a. Blue Light Arcade received $58 cash on account for a birthday party held two months ago.
b.

Agreed to hire a new employee at a monthly salary of $3,250. The employee starts work next month.

c.

Paid $2,250 for a table top hockey game purchased last month on account.

d.

Repaid a $5,250 bank loan that had been outstanding for six months. (Ignore interest.)

e.

The company purchased an air hockey table for $3,200, paying $1,500 cash and signing a short-term note for $1,700.

Prepare journal entries for the above transactions relating to the year ended December 31. (If no entry is required for a transaction/event select "No Journal Entry Required" in the first account field.)

A) Blue Light Arcade received $58 cash on account for a birthday party held two months ago. Record the transaction.

B) Agreed to hire a new employee at a monthly salary of $3,250. The employee starts work next month. Record the transaction.

C) Paid $2,250 for a table top hockey game purchased last month on account. Record the transaction.

D) Repaid a $5,250 bank loan that had been outstanding for six months. (Ignore interest.) Record the transaction.

E) The company purchased an air hockey table for $3,200, paying $1,500 cash and signing a short-term note for $1,700. Record the transaction.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions