SHOW LIST OF ACCOUNTS LINK TO TEXT Date Account Titles and Explanation Debit Cre
ID: 2578562 • Letter: S
Question
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Date
Account Titles and Explanation
Debit
Credit
SHOW LIST OF ACCOUNTS
LINK TO TEXT
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Debit
Credit
Shamrock, Inc.’s general ledger at April 30, 2017, included the following: Cash $5,400, Supplies $540, Equipment $25,920, Accounts Payable $2,270, Notes Payable $10,800, Unearned Service Revenue (from gift certificates) $1,080, Common Stock $5,400, and Retained Earnings $12,310. The following events and transactions occurred during May.May 1 Paid rent for the month of May $1,080. 4 Paid $1,190 of the account payable at April 30. 7 Issued gift certificates for future services for $1,620 cash. 8 Received $1,300 cash from customers for services performed. 14 Paid $1,300 in salaries to employees. 15 Received $860 in cash from customers for services performed. 15 Customers receiving services worth $760 used gift certificates in payment. 21 Paid the remaining accounts payable from April 30. 22 Received $1,080 in cash from customers for services performed. 22 Purchased supplies of $760 on account. All of these were used during the month. 25 Received a bill for advertising for $540. This bill is due on June 13. 25 Received and paid a utilities bill for $430. 29 Received $1,840 in cash from customers for services performed. 29 Customers receiving services worth $650 used gift certificates in payment. 31 Interest of $50 was paid on the note payable. 31 Paid $1,300 in salaries to employees. 31 Paid income tax payment for the month $160.
Explanation / Answer
1. & 3.
4.
2 Date Account Titles and Explanations Debit Credit May-01 Rent expense 1080 Cash 1080 (Rent paid for the month) May-04 Accounts payable 1190 Cash 1190 (Payment on account) May-07 Cash 1620 Unearned service revenue 1620 (Sale of gift certificates) May-08 Cash 1300 Service revenue 1300 (Cash received for services performed) May-14 Salaries and wages expense 1300 Cash 1300 (Payment of salaries) May-15 Cash 860 Service revenue 860 (Cash received for services performed) May-15 Unearned service revenue 760 Service revenue 760 (Redemption of gift certificates) May-21 Accounts payable 1080 Cash 1080 (Payment on account) May-22 Cash 1080 Service revenue 1080 (Cash received for services performed) May-22 Supplies expense 760 Accounts payable 760 (Supplies purchased on account and used) May-25 Advertising expense 540 Accounts payable 540 (Advertising bill recorded) May-25 Utilities expense 430 Cash 430 (Payment of utilities bill) May-29 Cash 1840 Service revenue 1840 (Cash received for services performed) May-29 Unearned service revenue 650 Service revenue 650 (Redemption of gift certificates) May-31 Interest expense 50 Cash 50 (Interest paid on note payable) May-31 Salaries and wages expense 1300 Cash 1300 (Payment of salaries) May-31 Income tax expense 160 Cash 160 (Payment of income tax)Related Questions
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