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Acct. Student · Jul 28, 2011, 07:01 AM

1. Registed as a Vendor with the city and paid the $15 monthly fee.
2. Customers rented in-line skates and bicycles for cash $1,800.
3. Paid $125 bill from local radio station for advertising for the last two weeks of May.
4. Billed the local park district $1,200 for in-line skating lessons provided to neighborhood children. The park district is to pay one-half of the bill within five working days and the rest within 30 days.
5. Customer rented in-line skates and bicycles for cash $3,000.
6. Paid wages of $160 to a friend who helped over the weekend.
Please help me, I don't know how to journalize these entries. Thank you.

Unknown008 · Jul 28, 2011, 10:21 AM

At least try. You don't just suddenly end up with questions about journal entries, do you? You must have had questions/examples quite similar before.

Acct. Student · Jul 28, 2011, 12:46 PM

I have tried, but I don't think that they are right and I don't know anyone to ask. So please help me! If you want proof I will tell you what I put for each one...
1. I wasn;t not sure at all how to record that one.
2. Cash was debited, Rent-Equipment was credited
3. Retained Earnings was debited, Cash was credited
4. Accounts Receivable was debited, Accounts payable was credited, Notes payable was credited
5. Cash was debited, Rent-Equipment was credited
6. This one I'm not really what to do with because it's not the same as paying an employee. Or is it?

pready · Jul 28, 2011, 03:46 PM

1. Debit an Expense Account and Credt Cash
2. Debit Cash and Credit a Revenue Account (Rental Revenue)
3. Debit Advertising Expense and Credit Cash
4. Debit Accounts Receivable and Credit a Revenue account
5. Debit Cash and Credit Rental Revenue
6. Debit Salaries Expense and Credit Cash

You should have been given a list of accounts in your problem so you will have to figure out what expense account to use in number 1 and what revenue accounts to use in numbers 2, 4, & 5.

Unknown008 · Jul 29, 2011, 08:21 AM

See? You got some of them right, some you got half-right, and I'm sure that if you tried something for the ones you didn't answer, you'd get them half right too :)