Need help with some general journal entries. July 15, Purchase 750 of supplies f

Question

Need help with some general journal entries.

July 15, Purchase 750 of supplies from the mower dealer. Supplies are consumed immediately. The dealer will be paid for the supplies in 2 weeks.

DEBIT 750 to supplies expense, CREDIT 750 to accounts payable?

July 23, receive a 48250 advance payment from the university. The advance payment is for 6 months of work which will be performed Aug 1 2015 to January 31 2016.

July 27. Pay $750 Cash to the mower dealer for supplies purchased on account on July 15 (previous transaction)

DEBIT accounts payable $750, CREDIT cash 750?

July 31, Invoice the property management company for $42,500 for july mowing work. The property managment company will pay the invounce on the 20th of next month.

Accounts Receivable DEBIT 42500, CREDIT ACC payable 42500?

July 31, Pay the cash dividend. Total amount of dividend is 27,000

DEBIT Dividends payable 27,000, CREDIT Cash 27,000?

Explanation / Answer

Journal entries

Supplies $750 To accounts payble $750 Cash $48,250 To unearned revenue $48,250 Accounts payable $750 To cash $750 Account receivable $42,500 To Fees earned $42,500 Dividend payable $27,000 To cash 27,000

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