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| Provide Journal Entries for the following situations | ||||||||
| 1. Performed service for client and received cash of $900 | ||||||||
| 2. Paid off the beginning balance of accounts payable – $8,000. | ||||||||
| 3. Purchased office supplies on account, $600. | ||||||||
| 4. Collect cash from a customer on account, $2,300 | ||||||||
| 5. Billed a client for consulting services on account, $5,500 | ||||||||
| 6. Paid office rent for the month, $1,200. | ||||||||
Expert Answer
The journal entries would be:
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Question & Answer: vide Journal Entries for t…..
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1.
Cash a/c..Dr$900
To service revenue $900
2.
Accounts payable a/c..Dr$8000
To cash $8000
3.
Supplies a/c..Dr$600
To accounts payable $600
4.
Cash a/c..Dr$2300
To accounts receivable $2300
5.
Accounts receivable a/c..Dr$5500
To service revenue $5500
6.
Office Rent ..Dr$1200
To cash $1200.
Whenever cash is paid;it gets reduced and hence credited and vice-versa.Similar with accounts receivable ie when cash is received from them,such balances reduce and are credited .Office rent paid is debited and hence increases expenses for the period etc.
