1.Record revenues $30,000 in cash and an additional $25,000 billed but not received 2.Record loan proceeds of $100,000 3.Record client retainer received of $5,000 4.Record the following cash payments:...

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1.Record revenues $30,000 in cash and an additional $25,000 billed but not received


2.Record loan proceeds of $100,000


3.Record client retainer received of $5,000


4.Record the following cash payments:


a.Purchase a computer $2,000


b.Rent $1500


c.Postage $50


d.Payroll $2500


e.Client costs advanced $150


f.Loan payment of $5000


g.Distribution to Shareholders of $10,000



5.Record the following credit card charges


a.Meals $150


b.Office supplies $500



6.Record bank charges of $10


7.Record interest on loan of $450


8.Close books to Income summary


9.Post income to retained earnings


10.Prepare balance sheet and income statement and statement of owner’s equity

Answered Same DayFeb 20, 2021

Answer To: 1.Record revenues $30,000 in cash and an additional $25,000 billed but not received 2.Record loan...

Nitish Lath answered on Feb 21 2021
132 Votes
Journal
        Sr. No.    Journal Titles    Amount ($)    Amount ($)
        1    Cash    30,000
            Accounts receivable    25,
000
             Service Revenue        55,000
            (To record revenue)
        2    Cash    100,000
            Bank Loan        100,000
            (To record proceed of loan)
        3    Cash    5000
            Deposit from client        5000
        4    Computer equipment    2000
            Rent expenses    1500
            Postage expenses    50
            Payroll expenses    2500
            Advance client costs    150
            Bank Loan    5000
            Dividend    10000
             Cash        21200
            ( To record cash payment)
        5    Meals expenses    150
            office supplies    500
            Credit card payable        650
            (To record credit card...
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