Question
The following transactions occurred during year 1, the first year of business, for Nancy Nanny Child Care. Record each transaction in proper journal entry format
The following transactions occurred during year 1, the first year of business, for Nancy Nanny Child Care. Record each transaction in proper journal entry format below using debits and credits.
TJE #5 During Year 1, Nancy Nanny provided child care services on account totaling $150,000
TJE #6 During Year 1, collections from receivable customers totaled $146,000
Chart of Accounts:
Cash
Accounts Receivable
Note Reveivable
Interest Receivable
Supply Inventory
Prepaid Rent
Property, Plant, Equipment
Accumulated Depreciation - PPE
Accounts Payable
Notes Payable
Interest Payable
Unearned Revenue
Common Stock
Retained Earnings
Dividends
Revenue
Interest Revenue
Cost of Goods Sold
Depreciation Expense
Rent Expense
Supply Expense
Wage Expense
Interest Expense
Here are my answers that I am unsure of:
TJE #5
Cost of Goods Sold? (Debit) 150,000
Unearned Revenue? (Credit) 150,000
TJE #6
Accounts Receivable? (Debit) 146,000
Cash? (Credit) 146,000
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