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The following transactions occur for Cardinal Music Academy during the month of October: a. Provide music lessons to students for $16,500 cash. b. Purchase prepaid
The following transactions occur for Cardinal Music Academy during the month of October: a. Provide music lessons to students for $16,500 cash. b. Purchase prepaid insurance to protect musical equipment over the next year for $4,140 cash. c. Purchase musical equipment for $19,500 cash. d. Obtain a loan from a bank by signing a note for $29,000. Record the transactions. The company uses the following accounts: Cash, Prepaid Insurance, Equipment, Notes Payable, and Service Revenue. View transaction list Journal entry worksheet Provide music lessons to students for $16,500 cash. Note: Enter debits before credits. Transaction Debit Credit General Journal Service revenue a. Record entry Clear entry View general Journal
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