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Journalizing Transactions
: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! |
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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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