Question Details

(Solution) - Prepare general journal entries to record the transactions below

Brief item decscription

Solution download

Item details:

Prepare general journal entries to record the transactions below for Dexter Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; M. Dexter, Capital; M. Dexter, Withdrawals; Fees Earned; and Rent Expense. Use the letters beside each transaction to identify entries. After recording the transactions, post them to T-accounts, which serves as the general ledger for this assignment. Determine the ending balance of each T-account.
a. Macy Dexter, owner, invested $12,750 cash in the company.
b. The company purchased office supplies for $375 cash.
c. The company purchased $7,050 of office equipment on credit.
d. The company received $1,500 cash as fees for services provided to a customer.
e. The company paid $7,050 cash to settle the payable for the office equipment purchased in transaction c.
f. The company billed a customer $2,700 as fees for services provided.
g. The company paid $525 cash for the monthly rent.
h. The company collected $1,125 cash as partial payment for the account receivable created in transaction f.
i. Macy Dexter withdrew $1,000 cash from the company for personal use.


About this question:

This question was answered on: Jul 11, 2017

PRICE: $15 (18.37 KB)

Buy this answer for only: $15

Pay using PayPal (No PayPal account Required) or your credit card. All your purchases are securely protected by PayPal.

Need a similar solution fast, written anew from scratch? Place your own custom order

We have top-notch tutors who can help you with your essay at a reasonable cost and then you can simply use that essay as a template to build your own arguments. This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student. New solution orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

Order Now