Prepare the journal entries corresponding to the 20 activities above. Label your

Question

Prepare the journal entries corresponding to the 20 activities above. Label your entires with numbers. You can insert lines as needed. Remember to copy these JE's to the "Journal tab" and then post them to the ledger.

Rent expense incurred and paid                                       21,600 Sales on account                                       26,250 Cash sales                                       52,620 COGS incurred                                       43,500 Utilities expense Incurred and paid                                         3,750 Salaries expense Incurred (all paid as of 12/31)                                         7,750 Consulting Revenue earned & received in cash                                       25,000 Inventory purchases                                       42,000 Interest Revenue earned                                            250 Bank Fees incurred                                            100 Depreciation of furniture                                            550 Depreciation of Equipment                                            660 Payments on accounts payable                                         7,400 Earned Consulting Revenue that was received in advance                                            900 Supplies purchased                                            136

Explanation / Answer

Date/S.N. Account title & Explanation Debit Credit Amount in $ Amount in $ 1 Rent expenes 21600 Cash 21600 To record the rent expenses incurred and paid 2 Accounts receivable 26250 Revenue from Sales 26250 To record the Sales on Account 3 Cash 52620 Revenue from Sales 52620 To record the cash sales 4 Cost of goods sold 43500 Inventory 43500 To record the Cost of goods sold 5 utilities expenses 3750 Cash 3750 To record the utilities expenses incurred & paid 6 Salaries 7750 Cash 7750 To record the salaries expenses incurred and paid 7 Cash 25000 Revenue from services 25000 To record the consulting revenue received in cash 8 Inventory 42000 Cash/Accounts payable 42000 To reocrd the purchase of Inventory 9 Cash 250 Interest received 250 To record the Interest revenue 10 Bank Fees/Charges 100 Cash 100 To record the bank fees 11 Depreication expense 550 Accumulated depreication on furniture 550 To record the depreciationon furniture 12 Depreication expense 660 Accumulated depreication on equipemnt 660 To record the depreciationon equipment 13 Accounts payable 7400 Cash 7400 To record the payment to suppliers 14 Unearned consulting revenue 900 Revenue from services 900 To record the revenue earned that was received in advance 15 Supplies 136 Cash 136 To record the purchase of supplies

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