This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: 8. $4,000 of service work on account- DEBIT a/r $4,000 CREDIT Sales $4,000 9. Purchased $500 of office supplies on account- DEBIT Asset $500 CREDIT a/p $500 10. Collected the money from the sale in #8- DEBIT Cash $4,000 CREDIT a/r $4,000 11. Paid the phone bill from #4- DEBIT a/p 500 CREDIT Cash $500 12. Purchased a piece of equipment (Caterpillar of course) for $12,000 cash- DEBIT Equipment $12,000 CREDIT Cash $12,000 **If you are a service firm, when you provide a service, it is service revenue or sales to you** a.) Prepare journal entries for the above transactions. b.) Prepare t-accounts for each account c.) Prepare a post closing trial balance Journal Entries Examples...
View Full Document