Homework: Unit 3 Project Score: 0 of 60 pts Instructor-created question Save 1 o

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Homework: Unit 3 Project Score: 0 of 60 pts Instructor-created question Save 1 of 1 (0 complete) HW Score: 0%, 0 of 60 p EQuestion Help Wee Ones Washer Manele Bay has just purchased a franchise from Wee Ones Washer (Wow) (Click the icon to view the additional information.) Following is the chart of accounts for Wee Ones Washer business, all beginning balances are $O. Manele Bay. As a new (Click the icon to view the chart of accounts.) Requirement 1. Record the transactions in the general journal. Omit explanations. (Record debits first, then credits. Exclude explanations from any journal entries. Check your spelling carefully and do not abbreviate. When applicable, use only the account names provided in the problem statement.) a. Received $600,000 cash from owner,K. Balfort. Opened a new checking account at Manele Bay National Bank and deposited the cash received from the owner Date Accounts Debit Credit b. Paid $51,000 cash for a WOW franchise. Date Accounts Debit Credit

Explanation / Answer

Date Accounts Debit Credit a Cash 600000 Balfort, Capital 600000 b Franchise 51000 Cash 51000 c Land 60000 Building 675000 Cash 485000 Notes payable 250000 d Store fixtures 67500 Cash 67500 e Office equipment 70000 Cash 70000 f Office supplies 900 Cash 900 g Prepaid insurance 3200 Cash 3200 h Merchandise Inventory 445000 Accounts payable 445000 i Petty cash 180 Cash 180 j Accounts receivable 250000 Sales revenue 250000 j Cost of goods sold 100000 Merchandise Inventory 100000 k Notes receivable 140000 Sales revenue 140000 k Cost of goods sold 61000 Merchandise Inventory 61000 l Cash 43650 Credit card expense 1350 Sales revenue 45000 l Cost of goods sold 21000 Merchandise Inventory 21000 m Cash 250000 Accounts receivable 250000 n Merchandise Inventory 610000 Accounts payable 610000 o Accounts payable 330000 Cash 330000

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