Question

Oriole Company had the following transactions during the first week of May. Record the following transactions in general journal form. Identify each transaction by number. You may omit explanations of the transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

1. Purchased supplies on account for $480.
2. Performed services and billed the customer $1,150.
3. Received cash of $900 for services to be performed in June.
4. Collected $500 on account.
5. Paid $350 on account. No. Account Titles and Explanation Debit Credit
1. enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
2. enter an account title enter a credit amount enter an account title enter a debit amount
3. enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
4. enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
5. enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount

Answer 1

1. Dr Supplies $480

Cr Accounts Payable $480

2. Dr Accounts Receivable $1,150

Cr Service revenue $1,150

3. Dr Cash $900

Cr Unearned Revenue $900

4. Dr Cash $500

Cr Accounts Receivable $500

5. Dr Accounts Payable $350

Cr Cash $350

Step-by-step explanation:

Preparation of journal entries

1. Dr Supplies $480

Cr Accounts Payable $480

2. Dr Accounts Receivable $1,150

Cr Service revenue $1,150

3. Dr Cash $900

Cr Unearned Revenue $900

4. Dr Cash $500

Cr Accounts Receivable $500

5. Dr Accounts Payable $350

Cr Cash $350