Following are the transactions of Green Company. May 1 The company billed a cust

Question

Following are the transactions of Green Company. May 1 The company billed a customer $3,100 in consulting revenue for sustainable proposals. 3 The company purchased $850 of energy efficient supplies on credit. 9 The company collected $2,100 cash as partial payment of May 1 consulting revenue. 20 The company paid $850 cash toward the payable for energy efficient supplies 31 The company paid $650 cash for May's renewable energy utilities. Prepare general journal entries for the above transactions.

Explanation / Answer

Journal entries Date Accounts title and explanations Debit $ Credit $ 1-May Accounts receivable Dr. 3100     Consulting service revenue 3100 3-May Supplies Dr. 850     Accounts payable 850 9-May Cash Account Dr. 2100     Accounts receivable 2100 20-May Accounts payable Dr. 850     Cash account 850 31-May Utilities expense Dr. 650     Cash account 650

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