Question

1. Atkinson Building Supplies had the following transactions during August. Atkinson uses a perpetual inventory system. Using the accounts listed below and the journal paper provided, journalize the transactions in proper form. Indicate no entry if appropriate. Omit explanations.

              

.                Cash                                                                Dividends

                  Supplies                                                           Sales

                  Prepaid Insurance                                           Sales Returns and Allowances

                  Prepaid Rent                                                   Sales Discounts

                  Merchandise Inventory                                   Cost of Goods Sold

                  Accounts Receivable                                      Wages Expense

                  Allowance for Uncollectible Accounts          Insurance Expense     

                  Equipment                                                       Supplies Expense

                  Accumulated Depreciation Equipment           Utilities Expense                    

                  Accounts Payable                                            Interest Expense

                  Notes Payable                                                             Depreciation Expense

                  Unearned Revenue                                          Bad Debt Expense

                  Interest Payable                                               Discount Expense

                  Common Stock                                               Rent Expense

                  Paid in Capital in Excess of Par Value           Income Summary                               

                  Retained Earnings                                                                  

  

Aug. 1 Borrowed $8,000 on a 6 month note payable at 3% interest.

Aug. 2 Paid $1,500 for a one-year insurance policy.

Aug. 3 Rented office space and paid the August rent of $800.

Aug. 4 Purchased equipment costing $15,000 for $4,000 cash and the remainder on

             credit

Aug. 5 Purchased supplies on account for $400.

Answer 1

Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks!

Atkinson Building
Date	Account	Debit $	Credit $
1-Aug	Cash	8,000.00
	Note payable		8,000.00
2-Aug	Prepaid Insurance	1,500.00
	Cash		1,500.00
3-Aug	Rent Expense	800.00
	Cash		800.00
4-Aug	Equipment	15,000.00
	Cash		4,000.00
	Accounts Payable		11,000.00
5-Aug	Supplies	400.00
	Accounts Payable		400.00