Question

March 1 Paid monthly rent of $890. 3 Performed services for $100 on account. 5 Performed services for cash of $55. 8 Purchased equipment for $445. The company paid cash of $60 and the balance was on account. 12 Received cash from customers billed on March 3. 14 Paid wages to employees of $390. 22 Paid utilities of $54. 24 Borrowed $1,110 from Grafton State Bank by signing a note. 27 Paid $160 to repair service for plumbing repairs. 28 Paid balance amount owed from equipment purchase on March 8. 30 Paid $1,330 for six months of insurance. Journalize the transactions.

Answer 1

Journal Entries

Date Account titles & explanations Debit Credit

Mar-01 Rent expense 890

To cash 890

Mar-03 Account receivable 100

To service revenue 100

Mar-05 Cash 55

Service revenue 55

Mar-08 Equipment 455

Cash 60

accounts payable 395

Mar-12 Cash 100

To account receivable 100

Mar-14 Wage expense 390

To cash 390

Mar-22 Utility expense 54

To cash 54

Mar-24 Cash 1,110

To notes payable 1,110

Mar-27 Repair & maintenance 160

To cash 160

Mar-28 Accounts payable 395

To cash 395

Mar-30 Prepaid Insurance 1,330

To cash 1,330

Step-by-step explanation: