I need the correct journal entries for these transactions (post refereance not n
ID: 2377615 • Letter: I
Question
I need the correct journal entries for these transactions (post refereance not needed) and what the trial balance should be equal after. My check figure says $76,630 for the trial. THANKSS!
May 3: Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $3,000.
May 5: Received cash from clients on account, $2,100.
May 9: Paid cash for a newspaper advertisement, $300.
May 13: Paid Office Station Co. for part of the debt incurred on April 5, $400.
May 15: Recorded services provided on account for the period May 1-15, $7,350.
May 16: Paid part-time receptionist for two weeks' salary including the amount owed on April 30, $750.
May 17: Recorded cash from cash clients for fees earned during the period May 1-16, $6,150.
May 20: Purchased supplies on account, $600.
May 21: Recorded services provided on account for the period May 16-20, $6,175.
May 25: Recorded cash from cash clients for fees earned for the period May 17-23, $3,125.
May 27: Received cash from clients on account, $11,250.
May 28: Paid part-time receptionist for two weeks' salary, $750.
May 30: Paid telephone bill for May, $120
May 31: Paid electricity bill for May, $290.
May 31: Recorded cash from cash clients for fees earned for the period May 26-31, $2,800.
May 31: Recorded services provided on account for the remainder of May, $1,900
May 31: Paid dividends of $15,000.
Explanation / Answer
3-May Cash 3000 To Unearned fees 3000 5-May Cash 2100 To accounts receivable 2100 9-May Advetisement expense a/c 300 To cash 300 13-May Office station co. 400 To cash 400 15-May Accounts receivable a/c 7350 To services rendered (fees) 7350 16-May Salary expense 750 To cash 750 17-May Cash a/c 6150 To services rendered (fees) 6150 20-May Purchase 600 To accounts payable 600 21-May Accounts receivable a/c 6175 To services rendered (fees) 6175 25-May Cash a/c 3125 To services rendered (fees) 3125 27-May Cash a/c 11250 To accounts receivable 11250 28-May Salary expense 750 To cash 750 29-May Telephone expense 120 To cash 120 31-May Electricity expense 290 To cash 290 31-May Cash a/c 2800 To services rendered (fees) 2800 31-May Accounts receivable a/c 1900 To services rendered (fees) 1900 31-May Dividends 15000 To cash 15000
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