Urchased computer and peripheral supplies for $1,000 and paid 25 percent of the amount; you must pay the balance of 75 percent in 10 days paid $50 for newspaper advertising to appear this week collected $1,000 from customers on account performed services for a total charge of $1,500 to customers; cash payments are not due until next week paid $550 in rent for the month of March performed services for $200 cash wrote a check for $200 to the owner for their personal use

Question Completion:

Record the transactions in the journal.

a) Debit Supplies $1,000

Credit Cash Account $250

Credit Accounts Payable $750

To record the purchase of computer and peripheral supplies.

b) Debit Advertising Expense $50

Credit Cash Account $50

To record the payment of advertising expense.

c) Debit Cash Account $1,000

Credit Accounts Receivable $1,000

To record the collection of cash from customers.

d) Debit Accounts Receivable $1,500

Credit Service Revenue $1,500

To record the performance of services on credit.

e) Debit Rent Expense $550

Credit Cash Account $550

To record the payment of rent for March.

f) Debit Cash Account $200

Credit Service Revenue $200

To record service revenue for services performed.

g) Debit Drawings $200

Credit Cash Account $200

To record the withdrawal of cash for personal use.

Explanation:

Journal entries identify the accounts to be debited and credited in the general ledger.  They are the initial records kept about business transactions.  They are recorded on a daily basis as transactions occur.

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