I need help journalizing these entries: 12-27 Rocket Corp received a $15,000 che

Question

I need help journalizing these entries:

12-27 Rocket Corp received a $15,000 check from Wilson Corp for services to be provided in January.

12-28 Rocket Corp paid $50,000 cash to IKEA Corp on account for the office furniture purchased.

12-29 Rocket Corp paid $1,500 cash to SBC on account for the telephone bill.

Adjusting journal entry:

12-31 Rocket Corp recorded one month of depreciation expense on the furniture ($835) and the computer equipment ($500)

Side Note: Purchased furniture for $50,000 and purchased computer equipment for $18,000

Explanation / Answer

12/27 Cash 15,000 Unearned Revenue 15,000 12/28 Accounts Payable 50,000 Cash 50,000 12/29 Telephone expenses Payable 1,500 Cash 1,500 ( Both transactions on 12/28 and 12/29 had been recorded previously and now the payment is being made). 12/31 Depreciation expense 1,335 Accumulated Depreciation 1,335

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