we need the journal entries for the problem noted below. The previous answer wer
ID: 2427341 • Letter: W
Question
we need the journal entries for the problem noted below. The previous answer were balancesnthat were provided in the text: Journal entires needed: stead of continuing to share office space with a local real estate agency, Pat decided to rent office space near a local music store. Paid rent for July, $1,800. 1. Paid a premium of $2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. 2. Received $1,250 on account. 3. On behalf of PS Music, Pat signed a contract with a local radio station, WHBD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of $3,600. Any additional hours beyond 80 will be billed to WHBD at $40 per hour. In accordance with the contract, Pat received $7,200 from WHBD as an advance payment for the first two months. 3. Paid $250 on account. 4. Paid an attorney $800 for reviewing the July 3rd contract with WHBD. (Record as Miscellaneous Expense.) 5. Purchased office equipment on account from One-Stop Office Mart, $6,000. 8. Paid for a newspaper advertisement, $200. 11. Received $900 for serving as a disc jockey for a party. 13. Paid $600 to a local audio electronics store for rental of digital recording equipment. 14. Paid wages of $1,200 to receptionist and part-time assistant. Enter the following transactions on Page 2 of the two-column journal. 16. Received $2,100 for serving as a disc jockey for a wedding reception. 18. Purchased supplies on account, $1,080. 21. Paid $620 to Upload Music for use of its current music demos in making various music sets. 22. Paid $800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23. Served as disc jockey for a party for $2,500. Received $750, with the remainder due August 4, 2012. 27. Paid electric bill, $760. 28. Paid wages of $1,200 to receptionist and part-time assistant. 29. Paid miscellaneous expenses, $370. 30. Served as a disc jockey for a charity ball for $1,800. Received $400, with the remainder due on August 9, 2012. 31. Received $2,800 for serving as a disc jockey for a party. 31. Paid $1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. 31. Withdrew $1,500 cash from PS Music for personal use.
Explanation / Answer
Date Entry Debit Credit xx-xx-xxxx Rent a/c Dr $1,800.00 To Cash a/c Cr $1,800.00 (Being rent paid in cash) xx-xx-xxxx Insurance expense a/cDr $1,350.00 Prepaid insurance a/c Dr $1,350.00 To cash a/c $2,700.00 (Being insurance paid for one year) xx-xx-xxxx Cash a/c Dr $1,250.00 To accounts receivables a/c Cr $1,250.00 (Being amount received from debtors) xx-xx-xxxx Cash a/c Dr $7,200.00 To Revenue a/c Cr $3,600.00 To Unearned revenue a/c Cr $3,600.00 (Being revenue recognized and also unearned revenue recorded in the books) xx-xx-xxxx Accounts payable a/c Dr $250.00 To cash a/c Cr $250.00 (Being amount due on account paid) xx-xx-xxxx Miscellaneous expenses a/c Dr $800.00 To cash a/c Cr $800.00 (Being amount paid in cash for avaiing legal services from attorney) xx-xx-xxxx Office Equipment a/c Dr $6,000.00 To Accounts payables a/c Cr $6,000.00 (Being office equipment purchased on credit) xx-xx-xxxx Cash a/c Drr $200.00 To advertisement a/c Cr $200.00 (Being advertisement expenses paid in cash) xx-xx-xxxx Cash a/c Dr $900.00 To service revenue a/c Cr $900.00 (Being cash received for services provided) xx-xx-xxxx Rental expenses-equipment a/c Dr $600.00 To cash a/c Cr $600.00 (Being amount paid for taking equipment on rent) xx-xx-xxxx Wage expense a/c Dr $1,200.00 To cash a/c Cr $1,200.00 (Being wages expense paid)
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