Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Final Clean, a firm providing house-cleaning services, began business on April 1. The following accounts in its general ledger are needed to record the transactions

image text in transcribed

Final Clean, a firm providing house-cleaning services, began business on April 1. The following accounts in its general ledger are needed to record the transactions for April: Cash; Accounts Receivable; Supplies: Prepaid Van Lease; Equipment; Accounts Payable; Notes Payable Comman Stock; Retained Earnings: Dividends; Cleaning Fees Earned; Wage Expense; Advertising Expense; and Fuel Expense. Apri 1 Randy Smith invested $14,00 cash tr begin the business; he received commen stock for his investment. 2 Paid six months' lease on a van, $2.850. 3 Borawed $10,00 fram a bank and signed a note payahle agreeing ta rapay the $11,0 in ane year plus 10 percent interest. 3 Purchased S5,500 of cleaning ecuipment paid $2.000 down with the remainder due within 30 days. 4 Purchased cleaning supplies for $4,310 cash. 7 Paid $350 for newspaper atvertiserments tu run durirg April. 21 BIlled customers for services, $3,500 23 Paid $1,50t on account to ciearing eguipmerit firm (see Apri 3 transaction) 28 Collected $2,300 from customers on account. 29 Randy Smith received a $1,on0 cash divided. 30 Paid wages for April, $1,750 20 Paid service statian for gasoline used during April, $350. Accounting Equation Journal Entries a. Using the accounting equation, record each of the transactions in columnar format. Use negative signs with your answers below, when appropriate. + Accounts Receivable + + + Prepaid Van Lease + Fquipment - Accounts Payable + Notes Payable + Common Stock + Retained Farnings Cash Supplies Apri 1s 4. 21 23 28 I! 29 30 20

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Financial Accounting Information For Decisions

Authors: Robert w Ingram, Thomas L Albright

6th Edition

9780324313413, 324672705, 324313411, 978-0324672701

More Books

Students also viewed these Accounting questions