Business, 02.03.2020 23:28 andybiersack154

Following are the selected transactions for January. Jan. 1 Received cash from the investment made by the owner, $14,000. 2 Received cash for providing accounting services, $9,500. 3 Billed customers on account for providing services, $4,200. 4 Paid advertising expense, $700. 5 Received cash from customers on account, $2,500. 6 Owner withdrew $1,010. 7 Received telephone bill, $900. 8 Paid telephone bill, $900. Required: Journalize the selected transactions for January. Refer to the Chart of Accounts for exact wording of account titles.

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Answer from: coollid876

Jan. 1 Received cash from the investment made by the owner $14,000

Cash $14000(debit)

Investment $14000(credit)

Jan. 2 Received cash for providing accounting services, $9,500

Cash $9500 (debit)

Revenue $9500 (credit)

Jan. 3 Billed customers on account for providing services , $4,200

Accounts Receivable $4200(debit)

Revenue $4200(credit)

Jan. 4 Paid advertising expense, $700

Advertising expense $ 700 (debit)

Cash $700 (credit)

Jan. 5 Received cash from customers on account, $2,500

Cash $ 2500 (debit)

Accounts Receivables $2500 (credit)

Jan. 6 Owner withdrew $1,010

Owners Equity $1010 (debit)

Cash $1010 (credit)

Jan. 7 Received telephone bill, $900

Telephone Bill $ 900 (debit)

Account Payable - Telephone Service Supplier $ 900 (credit)

Jan. 8 Paid telephone bill, $900

Account Payable - Telephone Service Supplier $ 900 (debit)

Cash $ 900(credit)

Explanation:

Jan. 1 Received cash from the investment made by the owner $14,000

Assets of Cash are increasing whilst the future economic benefits from the Investment are decreasing.

Jan. 2 Received cash for providing accounting services, $9,500

We recognise Revenue to depict increases in economic benefit due to the increase in Asset - Cash

Jan. 3 Billed customers on account for providing services , $4,200

We recognise Revenue to depict increases in economic benefit due to the increase in Asset - Accounts Receivable

Jan. 4 Paid advertising expense, $700

We recognise an expense - Advertising due to decrease in Asset - Cash

Jan. 5 Received cash from customers on account, $2,500

Recognise an Asset - Cash and Derecognise Asset - Accounts Receivable to settlement of accounts by customers on Account

Jan. 6 Owner withdrew $1,010

De-recognise Equity Element - Owners Equity and also De-recognise Asset - Cash

Jan. 7 Received telephone bill, $900

Recognise an expense Telephone Bill and recognise increase in liability element of Account Payable - Telephone Service Supplier

Jan. 8 Paid telephone bill, $900

Account Payable - Telephone Service Supplier $ 900 (debit)

Cash $ 900(credit)

De-recognise the Liability element - Account Payable - Telephone Service Supplier and also de-recognise Asset -Cash

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Answer from: Quest

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