Prepare journal entries to record the following transactions:
(a.) Purchased $3,500 of supplies on account.
(b.) Paid $4,800 for a two-year insurance policy.
(c.) Performed a service and immediately collected $600.
(d.) Paid the monthly utility bill, $200.
(e.) Paid one-half of the amount owed for the supplies purchased in (a) above.
(f.) Performed a service and billed the customer $800.
(g.) Borrowed $1,000 by signing a note payable.
(h.) Received the amount owed from the customer of (f) above.

Question

Prepare journal entries to record the following transactions:
(a.)  Purchased $3,500 of supplies on account.
(b.)  Paid $4,800 for a two-year insurance policy.
(c.)  Performed a service and immediately collected $600.
(d.)  Paid the monthly utility bill, $200.
(e.)  Paid one-half of the amount owed for the supplies purchased in (a) above.
(f.)  Performed a service and billed the customer $800.
(g.)  Borrowed $1,000 by signing a note payable.
(h.)  Received the amount owed from the customer of (f) above.

Quizplus · Accepted Answer

The Answer of Prepare journal entries to record the following transactions:
(a.)  Purchased $3,500 of supplies on account.
(b.)  Paid $4,800 for a two-year insurance policy.
(c.)  Performed a service and immediately collected $600.
(d.)  Paid the monthly utility bill, $200.
(e.)  Paid one-half of the amount owed for the supplies purchased in (a) above.
(f.)  Performed a service and billed the customer $800.
(g.)  Borrowed $1,000 by signing a note payable.
(h.)  Received the amount owed from the customer of (f) above.

Prepare Journal Entries to Record the Following Transactions