D Eanten Okdahoma Statex xChapter 2 Homework x C Not secure ezto.mheducation.com

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D Eanten Okdahoma Statex xChapter 2 Homework x C Not secure ezto.mheducation.com/hm.tpx Question 17 (of 21 119 points The following transactions occur for Cardinal Music Academy during the month of October a Provide music lessons to students for $14,500 cash b Purchase prepaid insurance to protect musical equipment over the next year for $3,800 cash c Purchase musical equipment for $13,000 cash d Obtain a loan from a bank by signing a note for $29,000 Required: Record the transactions (Omit the "S" sign in your response) General Journal Debit to select) Click to select) (Click to select) (Click to select) Click to select) b (Click to select) c (Click to select) d Click to select) References Book & Resources Worksheet

Explanation / Answer

The following journal entries will be made to record the given transactions:

Event General Journal Debit Credit a. Cash 14500       Service Revenue 14500 b. Prepaid Insurance 3800       Cash 3800 c. Equipment 13000       Cash 13000 d. Cash 29000       Notes Payable 29000

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