Question

Selected transactions for M. Coronado, an interior decorator, in her first month of business, are as follows.
Jan. 2 Invested $11,700 cash in business.
3 Purchased used car for $3,510 cash for use in business.
9 Purchased supplies on account for $585.
11 Billed customers $2,808 for services performed.
16 Paid $410 cash for advertising.
20 Received $819 cash from customers billed on January 11.
23 Paid creditor $351 cash on balance owed.
28 Withdrew $1,170 cash for personal use by owner.
1. Journalize the above transactions.
Date Account Titles and Explanation Debit Credit
Jan. 2Jan. 3Jan. 9Jan. 11Jan. 16Jan. 20Jan. 23Jan. 28
Jan. 2Jan. 3Jan. 9Jan. 11Jan. 16Jan. 20Jan. 23Jan. 28
Jan. 2Jan. 3Jan. 9Jan. 11Jan. 16Jan. 20Jan. 23Jan. 28
Jan. 2Jan. 3Jan. 9Jan. 11Jan. 16Jan. 20Jan. 23Jan. 28
Jan. 2Jan. 3Jan. 9Jan. 11Jan. 16Jan. 20Jan. 23Jan. 28
Jan. 2Jan. 3Jan. 9Jan. 11Jan. 16Jan. 20Jan. 23Jan. 28
Jan. 2Jan. 3Jan. 9Jan. 11Jan. 16Jan. 20Jan. 23Jan. 28
Jan. 2Jan. 3Jan. 9Jan. 11Jan. 16Jan. 20Jan. 23Jan. 28

Answer 1

Answer:

Jan.2

Dr Cash                      11,700

Cr Owner Equity       11,700

( to record owner's capital contribution to the business under the form of cash)

Jan.3

Dr Vehicles          3,510

Cr Cash               3,510

( to record the purchase of used car in cash)

Jan.9

Dr Supplies                  585

Cr Account Payable   585

(to record supplies purchase on account)

Jan.11

Dr Account Receivable          2,808

Cr Revenue                            2,808

( to record revenue earned in credit)

Jan.16

Dr Advertising expenses           410

Cr Cash                                      410

( to record advertising expenses paid in cash)

Jan.20

Dr Cash                              819

Cr Account Receivable    819

( to record the partial collection of receivables)

Jan.23

Dr Account Payable        351

Cr Cash                           351

( to record payment to creditor)

Jan.28

Dr Owner Equity              1,170

Cr Cash                           1,170

(to record owner's withdraw of capital in form of cash)

Explanation: