AC2799 Wk2 Exercise - Wage Expense $ 12,000 Accounts...

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Journal DATE POST. DEBIT CREDIT REF. Dec 1Cash $ 150,000 Capital $ 150,000 Received $150,000 cash from investors for ownership in the company. Inventory $ 45,000 Accounts Payable $ 45,000 Purchased inventory to be sold to customers; $45,000 on account. Office Space $ 6,000 Cash $ 6,000 Rented office space; $6,000 was paid for this month. Accounts Receivable $ 7,500 Serive Revenue $ 7,500 Sold $5,000 of inventory on account (you have not been paid yet); sales price of $7,500. Office Furniture $ 3,000 Cash $ 3,000 Acquired office furniture for $3,000 cash.
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Unformatted text preview: Wage Expense $ 12,000 Accounts Payable $ 12,000 Paid $12,000 to employees who worked this month. $ 39,000 Cash $ 39,000 Acquired manufacturing equipment cosTng $39,000; paid cash. Wage Expense $ 700 Accounts Payable $ 700 Paid $700 for housekeeping service. Utilities Expense $ 100 Accounts Payable $ 100 ACCOUNTS AND EXPLANATIONS Manufacturing Equipment Received a $100 utliTy bill for This monTh. Cash $ 7,500 Accounts Receivable $ 7,500 CollecTed $7,500 owed from cusTomers....
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