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Answer:
Purchase equipment in exchange for cash of $22,400
Debit Equipment account $22,400
Credit Cash account $22,400
Being entries to record the purchase of equipment for cash
Provide services to customers and receive cash of $6,000
Debit Cash account $6,000
Credit Service Revenue account $6,000
Being entries to recognize revenue earned from service rendered to customer.
Pay the current month's rent of $1,700
Debit Rent expense account $1,700
Credit Service Revenue account $1,700
Being entries to recognize the payment of rent expense.
Purchase office supplies on account for $1,000
Debit Supplies account $1,000
Credit Cash account $1,000
Being entries to recognize the payment for office supplies.
Pay employee salaries of $1,700 for the current month
Debit Salaries Expense account $1,700
Credit Cash account $1,700
Being entries to recognize the payment of employee's salaries.
Explanation:
Information given about Terrapin
- Purchase equipment in exchange for cash of $22,400.
- Provide services to customers and receive cash of $6,000.
- Pay the current month's rent of $1,700.
- Purchase office supplies on account for $1,000.
- Pay employee salaries of $1,700 for the current month.
To record these transactions, the following entries will be posted
Purchase equipment in exchange for cash of $22,400
Debit Equipment account $22,400
Credit Cash account $22,400
Being entries to record the purchase of equipment for cash
Provide services to customers and receive cash of $6,000
Debit Cash account $6,000
Credit Service Revenue account $6,000
Being entries to recognize revenue earned from service rendered to customer.
Pay the current month's rent of $1,700
Debit Rent expense account $1,700
Credit Service Revenue account $1,700
Being entries to recognize the payment of rent expense.
Purchase office supplies on account for $1,000
Debit Supplies account $1,000
Credit Cash account $1,000
Being entries to recognize the payment for office supplies.
Pay employee salaries of $1,700 for the current month
Debit Salaries Expense account $1,700
Credit Cash account $1,700
Being entries to recognize the payment of employee's salaries.
The journal entries with regarding to the given transaction as follows:
Equipment account $22,400
Cash account $22,400
(Being purchase of equipment on cash is recorded)
Cash account $6,000
Service Revenue account $6,000
(Being cash received is recorded)
Rent expense account $1,700
Service Revenue account $1,700
(Being the rent expense is recorded)
Supplies account $1,000
Cash account $1,000
(being purchase of supplies are recorded)
Salaries Expense account $1,700
Cash account $1,700
(being cash paid is recorded)
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