Question

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On January 1, 2018, the general ledger of Dynamite Fireworks includes the following account balances:
  

Accounts	Debit			Credit
Cash	$	24,700
Accounts Receivable		6,100
Supplies		4,000
Land		59,000
Accounts Payable					4,100
Common Stock					74,000
Retained Earning					15,700
Totals	$	93,800		$	93,800

  
During January 2018, the following transactions occur:
  
January 2. Purchase rental space for one year in advance, $8,700 ($725/month).
January 9. Purchase additional supplies on account, $4,400.
January 13. Provide services to customers on account, $26,400.
January 17. Receive cash in advance from customers for services to be provided in the future, $4,600.
January 20. Pay cash for salaries, $12,400.
January 22. Receive cash on accounts receivable, $25,000.
January 29. Pay cash on accounts payable, $4,900.

Journal entry worksheet

Purchase rental space for one year in advance, $8,700 ($725/month).

Note: Enter debits before credits.

	Date General Journal Debit Credit January 02

Answer 1

		(Figure in $)
	Accounts	Debit	Credit
	Cash	24,700
	Accounts Receivable	6,100
	Supplies	4,000
	Land	59,000
	Accounts Payable		4,100
	Common Stock		74,000
	Retained Earnings		15,700
	Totals	93,800	93,800
Date	Accounts Titles & explanation	Debit	Credit
2-Jan	Prepaid Rent expenses	8,700
	Cash		8700
9-Jan	Supplies	4,400
	Accounts Receivable		4,400
13-Jan	Accounts Receiavble	26,400
	Service Revenue		26,400
17-Jan	Cash	4,600
	Unearned Service Revenue		4,600
20-Jan	Salaries	12,400
	Cash		12,400
22-Jan	Cash	25,000
	Accounts Receivable		25,000
29-Jan	Accounts Payable	4,900
	Cash		4,900
	Note: As per the given information, we can do this only