Apr. 25 You stop by your uncle's gas station to refill both gas cans for your company, Watson's Landscaping. Your uncle adds the total of $28 to your account. You record another week's revenue for the lawns mowed over the past week. You earned $1,20O. You received cash equal to 75% of your revenue. Apr. 26 Apr. 27 You pay your local newspaper $35 to run an advertisement in this week's paper. Apr. 29 You make a $25 payment on account.

Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter3: Journalizing Transactions
Section3.4: Starting A New Journal
Problem 1OYO
icon
Related questions
Question
Ch03 PPT - Korumalı Görünüm
bu bilgisayar konumuna kaydedildi
ZEYNEP ALTUNKAYNAK ZA
Slayt Gsterisi
Gözden Geçir Görünüm Yardım
Paylaş
Your Turn: Journalizing Transactions
оpen
You have the following transactions the last few days of April.
You stop by your uncle's gas station to refill both gas cans for your company, Watson's
Landscaping. Your uncle adds the total of $28 to your account.
Apr. 25
You record another week's revenue for the lawns mowed over the past week. You
earned $1,200. You received cash equal to 75% of your revenue.
Apr. 26
Apr. 27
You pay your local newspaper $35 to run an advertisement in this week's paper.
Apr. 29
You make a $25 payment on account.
A. Prepare the necessary journal entries for these four transactions.
B. Explain why you debited and credited the accounts you did.
C. What will be the new balance in each account used in these
entries?
Transcribed Image Text:Ch03 PPT - Korumalı Görünüm bu bilgisayar konumuna kaydedildi ZEYNEP ALTUNKAYNAK ZA Slayt Gsterisi Gözden Geçir Görünüm Yardım Paylaş Your Turn: Journalizing Transactions оpen You have the following transactions the last few days of April. You stop by your uncle's gas station to refill both gas cans for your company, Watson's Landscaping. Your uncle adds the total of $28 to your account. Apr. 25 You record another week's revenue for the lawns mowed over the past week. You earned $1,200. You received cash equal to 75% of your revenue. Apr. 26 Apr. 27 You pay your local newspaper $35 to run an advertisement in this week's paper. Apr. 29 You make a $25 payment on account. A. Prepare the necessary journal entries for these four transactions. B. Explain why you debited and credited the accounts you did. C. What will be the new balance in each account used in these entries?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Organizational Ethics
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage