Question Details

Received the first week's tuition from four students


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.

Mar.	1	Jean Kelly opened a dance school, called Jean's Dance Studio, by depositing $15,000 into a business bank account.
	2	Paid three months' rent in advance, $1,800.
	4	Hired a part-time assistant, to be paid $250 per week, starting next week.
	6	Purchased sound equipment for $2,000. Paid $400 in cash, the remainder to be paid in installments of $800 every two weeks.
	8	Signed up five students, who will begin lessons on March 10, at $80 per week per student.
	17	Received the first week's tuition from four students; the fifth student will remit payment in three days.
	17	Paid the assistant his first week's wages.
	20	Received payment from the fifth student.
	21	Paid the first installment on the sound equipment purchased on March 6.
	23	Received an electric bill of $100, to be paid April 1.

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

General Journal	Page 14
Date	Description	Post.
Ref.	Debit	Credit
2010				
July	20	Accounts Receivable		415	
			Commissions Earned			415
			Commission earned on sale of painting			

Accounts Receivable	Account No. 112
Date	          Item	Post.Ref.	 Debit	Credit	          Balance
					                                          Debit 	  Credit
2010						
							
							
												

Commissions Earned	Account No. 411
Date	          Item	Post.Ref.	  Debit  	 Credit	       Balance
					                                          Debit	 Credit
2010						


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