Chambers Brokerage

Chambers Brokerage - Chambers Brokerage Services, Inc. a)...

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Chambers Brokerage Services, Inc. a) Date Debit Credit 1 Cash $120,000 Common Stock $120,000 (Invested $120,000 in Business) 2 No Entry 3 Prepaid Rent $33,000 Rent Expense $3,000 Cash $36,000 (To record payment of one year rent in cash) 4 $70,000 Cash $20,000 $50,000 5 Prpaid Insurance $2,750 Insurance Expense $250 Cash $3,000 (To record purchase of a one year insurance policy) 6 Office Supplies $1,000 Cash $1,000 (To record purchase of supplies for cash) 7 Office Supplies $3,000 Accounts Payable $3,000 (To record purchase of supplies on account) 8 Cash $10,000 Accounts Receivable $20,000 Brokerage Revenue $30,000 (To record Revenue Earned) 9 Accounts Payable $800 Cash $800 (Payment of Accounts Payable Due) 10 Cash $5,000 Accounts Receivable $5,000 (To record settlement of Accounts Receivable) 11 Utility Expense $400 Accounts Payable $400 (To record Utilities Due) 12 Salaries Expense $4,000 Cash $4,000 (To record payment of salaries)
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This note was uploaded on 04/04/2009 for the course ACC 321 taught by Professor Ahmedmokhtar during the Spring '09 term at Ain Shams University.

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Chambers Brokerage - Chambers Brokerage Services, Inc. a)...

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