Exercise 4.2 Objective 4-1 Recording transactions in the general journal. Select

Question

Exercise 4.2 Objective 4-1 Recording transactions in the general journal. Selected accounts from the general ledger of Mason Consulting Services follow. Record the general journal entries that would be made to record the following transactions. Be sure to include dates and descriptions in these entries. 101 Cash 111 Accounts Receivable 121 Supplies 131 Equipment 141 Automobile 202 Accounts Payable 301 Zack Mason, Capital 302 Zack Mason, Drawing 401 Fees Income 511 Rent Expense 514 Salaries Expense 517 Telephone Expense

Explanation / Answer

Date Description Post ref Debit Credit Sep 1 2019 1 Cash 101 30000 Zack Mason, Capital 301 30000 4 Equipment 131 3250 Accounts Payable 202 3250 16 Automobile 141 15000 Cash 101 15000 20 Supplies 121 260 Cash 101 260 23 Cash 101 85 Supplies 121 85 30 Accounts Payable 202 2100 Cash 101 2100 30 Zack Mason, Drawing 302 1500 Cash 101 1500 30 Rent Expense 511 3500 Cash 101 3500 30 Cash 101 7325 Fees Income 401 7325 30 Telephone Expenses 517 220 Cash 101 220

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