Question

Selected transactions for Sophie’s Dog Care are as follows during the month of March. March 1 Paid monthly rent of $1,460. 3 Performed services for $170 on account. 5 Performed services for cash of $90. 8 Purchased equipment for $730. The company paid cash of $100 and the balance was on account. 12 Received cash from customers billed on March 3. 14 Paid wages to employees of $640. 22 Paid utilities of $88. 24 Borrowed $1,830 from Grafton State Bank by signing a note. 27 Paid $270 to repair service for plumbing repairs. 28 Paid balance amount owed from equipment purchase on March 8. 30 Paid $2,200 for six months of insurance. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Answer 1

March 1

Dr Rent expense $1460

Cr Cash $1460

March 3

Dr Accounts receivable $170

Cr Service revenue $170

March 5

Dr Cash $90

Cr Service revenue $90

March 8

Dr Equipment $730

Dr Cash $100

Cr Accounts payable (730-100) $630

March 12

Dr Cash $170

Accounts receivable $170

March 14

Dr Salaries and wages expense $640

Cr Cash $640

March 22

Dr Utilities expense $88

Cr Cash $88

March 24

Dr Cash $1830

Cr Notes payable $1830

March 27

Dr Maintenance and repairs expense $270

Cr Cash $270

March 28 Accounts payable $630

Cash $630

March 30

Dr Prepaid insurance $2200

Cr Cash $2200

Step-by-step explanation:

Preparation of Journal entries

March 1

Dr Rent expense $1460

Cr Cash $1460

(To record rent expense paid)

March 3

Dr Accounts receivable $170

Cr Service revenue $170

(To record services performed on account)

March 5

Dr Cash $90

Cr Service revenue $90

(To record services performed for cash)

March 8

Dr Equipment $730

Dr Cash $100

Cr Accounts payable (730-100) $630

(To record equipment purchased)

March 12

Dr Cash $170

Accounts receivable $170

(To record cash received from customers)

March 14

Dr Salaries and wages expense $640

Cr Cash $640

(To record wages paid to employees)

March 22

Dr Utilities expense $88

Cr Cash $88

(To record utilities expense paid)

March 24

Dr Cash $1830

Cr Notes payable $1830

(To record cash borrowed by signing a note)

March 27

Dr Maintenance and repairs expense $270

Cr Cash $270

(To record cash paid for repairs)

March 28 Accounts payable $630

Cash $630

(730-100)

(To record cash paid to accounts payable)

March 30

Dr Prepaid insurance $2200

Cr Cash $2200

(To record prepaid insurance paid)