Question:
The following is a series of accounts for Jay's Laundry Services owned and managed by Jay Lewis. The company has been operating for two years. The accounts are listed alphabetically and numbered for identification. Following the accounts is a series of transactions. For each transaction, indicate the account (s) that should be debited and credited by entering the appropriate account number (s) to the right of each transaction. If no journal entry is needed, write none after the transaction. The first transaction is given as an example.
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Account No. Account Title Account No. Account Title Notes Payable Prepaid Insurance Service Revenue Supplies Expense Supplies Wages Expense Wages Payable ccounts Buildings Land Debit Credit a. (Example) Received cash from owner Jay Lewis b. Performed services for customers this period on credit. c. Purchased on credit but did not use supplies this period. d. Prepaid a fire insurance policy at the end of this period to cover e. Purchased a building this period by making a 20 percent cash paym ent and signing a note payable for the balance f. Collected cash this year for services that had been provided and recorded in the prior year Paid cash this period for wages that had been earned and g. h. Paid cash for supplies that had been purchased on accounts payable in the prior period Paid cash for advertising expense incurred in the current i. j Ran advertising in local newspaper this period to be paid k. next period. Collected cash for services rendered this period.