Question Details

Paid the assistant his first week's wages




1.	In the journal provided, prepare journal entries (in good form) for the following transactions. If no entry is required, write “no entry.” Omit explanations.

Nov.	1	Rae Bolger opened a dance school called Rae's Dance Studio by depositing $24,000 into a business bank account.
	2	Paid three months' rent in advance, $2,400.
	4	Hired a part-time assistant, to be paid $275 per week.
	6	Purchased sound equipment for $4,200. Paid $600 in cash, the remainder to be paid in installments of $1,200 every two weeks.
	8	Signed up ten students, who will begin lessons on November 10, at $100 per week per student.
	17	Received the first week's tuition from nine students; the tenth student will remit payment in three days.
	17	Paid the assistant his first week's wages.
	20	Received payment from the tenth student.
	20	Paid the first installment on the sound equipment purchased on November 6.
	23	Received an electric bill of $150, to be paid on December 1.



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