:confused:I have to journalize the following transactions however I am having troubles deciding which accounts are being affected! Is my work correct so far?:confused:


Melody invested 20000 cash and a car worth $15000 into the business

Cash 20000DR
Car 15000 DR
Capital 35000 CR

She purchased a used oven for 26400 paying 6400 cash and signing a note payable for the balance

Equipment 26400DR
Cash 6400 CR
Note payable 20000 CR

Paid $1200 on a year insurance policy, effective July 1

Insurance expense?
Cash?

Billed customers 4000 for cooking lessons

Accounts receivable?
Cash?

Withdrew 1200 cash for personal use

Withdrawals?
Capital?

Paid gas and oil for the month on car,550

Gas and oil expense?
Cash?

Billed customers 3000 for cooking lessons for the month

Accounts receivable?
Cash?


Thanks for your time!

Melody invested 20000 cash and a car worth $15000 into the business

Cash 20000DR
Car 15000 DR
Capital 35000 CR

O. K.
------------------------------------------------------

She purchased a used oven for 26400 paying 6400 cash and signing a note payable for the balance

Equipment 26400DR
Cash 6400 CR
Note payable 20000 CR

O.K.
------------------------------------------------------

Paid $1200 on a year insurance policy, effective July 1

Insurance expense?
Cash?

O.K.
-----------------------------------------------------

Billed customers 4000 for cooking lessons

Accounts receivable?
FEES COOKING LESSONS.

------------------------------------------------------

Withdrew 1200 cash for personal use

Withdrawals?
Capital?

NO

WITHDRAWALS A/C
CASH A/C
------------------------------------------------------



Paid gas and oil for the month on car,550

Gas and oil expense?
Cash?

O.K.
------------------------------------------------------

Billed customers 3000 for cooking lessons for the month

Accounts receivable?
FEES COOKING LESSONS A/C.

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