Respuesta :
Record transactions means to record the ledger entries
Explanation:
Proper understanding of the Double Entry Principle is important, it says that “For every Debit entry there must be a corresponding credit entry and vice versa”
It is also important to note that Debit the Receiver and Credit the giver - this is how transactions are recorded, understanding who is giving the money and who is receiving it.
Sun Devil Hair Design
Feb 2nd Dr Advertisement Account $700 and Cr Bank $700
Being advertising paid for the month of February
Feb 7th Dr Purchases Account $1,300
Cr Trade Creditor $1,300
Being purchases bought on credit
Feb 14th Dr Cash Account $2900
Cr Customers Account $2,900
Being cash sales
Feb 15 Dr Salaries $900
Cr Cash $900
Being salaries paid for the month of February
Feb 25 Dr Trade Receivables $1000
Cr Credit Sales $1000
Being goods bought on credit
Feb 28th Dr Utility $300
Cr cash $300
Being utility paid in cash
Note: It is important to include narrations of transactions that way any user of the account understands the transactions that have taken place
Answer:
(1) February 2 Pay $700 for radio advertising for February.
Debit Advertising expense (p/l) $700
Credit Cash account $700
(2) February 7 Purchase beauty supplies of $1,300 on account.
Debit Beauty supplies $1,300
Credit Cash account $1,300
(3) February 14 Provide beauty services of $2,900 to customers and receive cash.
Debit Cash account $2,900
Credit Revenue services $2,900
(4) February 15 Pay employee salaries for the current month of $900.
Debit Salaries expense $900
Credit Cash account $900
(5) February 25 Provide beauty services of $1,000 to customers on account.
Debit Accounts receivable $1,000
Credit Revenue services $1,000
(6) February 28 Pay utility bill for the current month of $300.
Debit Utility expense $300
Credit Cash account $300
Explanation:
Expenses usually have debit balances, revenue credit balances.
The receipt of cash is a debit entry to the account while the payment of cash is a credit entry to the cash account.
Where cash is not paid to the entry that provides a service, a receivable is recorded.
