to mheducation.com/hm.tpx a Borrowed $107,000 from a bank, signing a short-term

Question

to mheducation.com/hm.tpx a Borrowed $107,000 from a bank, signing a short-term note payable b Provided $109,600 in service to customers, with $104,600 on account and the rest received in cash c Purchased equipment for $159 000 in cash d. Paid employee wages of $2.000 e. Received $905 on account from a customer t Paid $5,600 cash for travel costs during the year g Paid $7,600 cash on accounts payable h Incurred $31.200 in utility expenses during the year, of which $24,800 was paid in cash and the rest You may not interact wi to return to taking thea owed on account uired: 1. For each of the above transactions, prepare accrual basis joumal entries. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. No Tran General Journal Cash 107,000 Notes Payable (short-term) 107.000 Cash Accounts Receivable 5000 104,600 Service Revenue 09.600 Equipment Cash 159,000 159,000 d Salaries and Wages Expense 2.000 Cash 2000 Cash Accounts Receivable 905 Travel Expense 5,600 Cash 5,600 Cash 3 7,600 Accounts Payable ,600 Utilities Expense 3120001 24 800 Cash Accounts Payable 6,400 2. Calculate the company's preliminary net income Answer is complete but not entirely correct. S 68.200

Explanation / Answer

Number - 7 ........... is wrong since you placed a reverse journal entry. Correct entry for payment to Accounts payable

Details Debit Credit Accounts payable 7600 Cash 7600

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