Chegg TutorsI Online Tutoring LUS Weygandt, Accounting Principles, 12e dy & Prac

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Chegg TutorsI Online Tutoring LUS Weygandt, Accounting Principles, 12e dy & Practice Gradebook ORION Downloadable eTextbook n Assignment Exercise 2-3 Selected transactions for A. Mane, an interior decorator, in her first month of business, are as follows ion Jan. 2 Invested $12,400 cash in business. Purchased used car for $3,720 cash for use in business. 3 9 Purchased supplies on account for $620. 11 Billed customers $2,976 for services performed. 16 Paid $434 cash for advertising. 20 Received $868 cash from customers billed on January 11 23 Paid creditor $372 cash on balance owed 28 Withdrew $1,240 cash for personal use by owner y Study Journalize the transactions. (Credit account tities are automatically indented when amount is entered. Do not indern order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for th Date Account Titles and Explanation Debit entI Privacy PolicyI 2000-2018 John Wiley & Sons, Inc, All Rights Reserved. A Division of 2ohn Wiley & Sons, Inc. 20 2 3 4

Explanation / Answer

A.Mane Journal entries for the month of January Date Account Title Debit credit Jan.2 Cash 12400 A.Mane, Capital 12400 (Cash invested in the business) Jan.3 Vehicle 3720 Cash 3720 (purchase of used car for business) Jan.9 Supplies 620 Accounts Payable 620 (Purchase of supplies on account) Jan.11 Accounts Receivable 2976 Service Revenue 2976 (Amount billed to customers) Jan.14 Advertising Expense 434 Cash 434 (Cash paid for advertising) Jan.20 Cash 868 Accounts Receivable 868 (Cash collected from customers on account) Jan.23 Accounts Payable 372 Cash 372 (Payment to creditor on account) Jan.28 A.Mane, Withdrawals 1240 Cash 1240 (Caah withdrawan for personal use)

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