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In: Accounting

Eli owns an insurance office, while Olivia operates a maintenance service that provides basic custodial duties....

Eli owns an insurance office, while Olivia operates a maintenance service that provides basic custodial duties. For the month of May, the following transactions occurred. May 2 Olivia decides that she will need insurance for a one-day special event at the end of the month and pays Eli $150 in advance. May 5 Olivia provides maintenance services to Eli’s insurance offices on account, $350. May 7 Eli borrows $350 from Olivia by signing a note. May 14 Olivia purchases maintenance supplies from Spot Corporation, paying cash of $125. May 19 Eli pays $350 to Olivia for maintenance services provided on May 5. May 25 Eli pays the utility bill for the month of May, $120. May 28 Olivia receives insurance services from Eli equaling the amount paid on May 2. May 31 Eli pays $350 to Olivia for money borrowed on May 7. Required: Record each transaction for Eli’s insurance Services. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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ANSWER

May 2 Cash 150
       Unearned revenue 150
May 5 Repairs and maintenance expense 350
        Accounts payable 350
May 7 Cash 350
       Notes payable 350
May 14 No journal entry required
May 19 Accounts payable 350
       Cash 350
May 25 Utilities expense 120
       Cash 120
May 28 Unearned revenue 150
        Service revenue 150
May 31 Notes payable 350
       Cash 350

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