I\'m really struggling in my accounting class and was wondering If I could get s
ID: 2422822 • Letter: I
Question
I'm really struggling in my accounting class and was wondering If I could get some help recording a couple general journal entries.
1. On july 17, a previously purchased in january 2014 mower broke down and is repaired by the mower dealer. Cost of repair is $915 and the mower dealer will be paid in 30 days.
Debit Mower repair expense $915, Credit Accounts Receivable for $915? I'm not sure if this entry is right.
2. On July 19, purchase $26000 of supplies with cash. These supplies will be consumed over the next 12 months.
Debit Supplies Expense 26,000, Credit cash $26,000?
3. July 20, collect 30,000 from the property management company for the work performed in june.
Not sure how to do this entry at all...
I'd appreciate any help I can get. Thank you.
Explanation / Answer
Solution:
I hope this would help you.
Journal Debit Credit 1 Mower repair expense 915 Accounts payable 915 2 Supplies 26,000 Cash 26,000 3 Cash 30,000 Accounts Receivable 30,000