Question
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.)
Solutions
Expert Solution
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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