Business, 14.03.2020 23:26 croxy0514

Record the following selected transactions for January in a two‐column journal. Once you have completed that, answer questions 1 – 5 related to your work.

(a) Earned $7,000 fees; customer will pay later.

(b) Purchased equipment for $45,000, paying $20,000 in cash and the remainder on credit

(c) Paid $3,000 for rent for January.

(d) Purchased $2,500 of supplies on account.

(e) A. Allen $1,000 investment in the company.

(f) Received $7,000 in cash for fees earned previously.

(g) Paid $1,200 to creditors on account.

(h) Paid wages of $6,250.

(i) Received $7,150 from customers on account.

(j) A. Allen withdrawal of $1,750.

1. For part (e), which two accounts are affected?

Question 1 options:

Cash and Fees Earned

Cash and Prepaid Insurance

Cash and Allen, Capital

Cash and Accounts Receivable

Answers: 1

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Record the following selected transactions for January in a two‐column journal. Once you have comple...

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