Question Details

Recorded cash received for services rendered during the week



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.

May	1	Lew Parker opened a dry cleaning service, called Junction Cleaners, by depositing $100,000 into a business bank account.
	3	Paid two years' rent in advance, $11,200.
	6	Purchased dry cleaning equipment for $36,000. Paid $14,000 in cash, the remainder to be paid in two weeks.
	10	Hired a worker, to be paid $550 per week.
	17	Paid the worker's weekly wage.
	17	Recorded cash received for services rendered during the week, $5,000.
	20	Paid for the remainder of the equipment purchased on May 6.
	21	Received $240 in advance of cleaning and boxing a wedding gown.
	23	Performed $390 of dry cleaning services for Tuxedos Unlimited. Payment will be received in three days.
	24	Paid the weekly wages.
	26	Received payment from Tuxedos Unlimited.
	30	Received a telephone bill for $114, which will be paid in two weeks.

General Journal	Page 1
Date	Description	Post.
Ref.	Debit	Credit
2.	Post the following transaction.

General Journal	Page 8
Date	Description	Post.
Ref.	Debit	Credit
2010				
May	12	Land		5,000	
			Notes Payable			5,000
			Issued note for purchase of land			

Land	Account No. 141
Date	          Item	Post.Ref.	   Debit	     Credit	           Balance
					                                               Debit	   Credit
2010						
							
							
							
							

Notes Payable	Account No. 211
Date	   Item	Post.Ref.	  Debit	Credit        	Balance
					                                  Debit	Credit
2010						



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