Question
Asked Feb 20, 2020
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The following transactions occur for Cardinal Music Academy during the month of October:

 

a. Provide music lessons to students for $7,500 cash.
b. Purchase prepaid insurance to protect musical equipment over the next year for $3,060 cash.
c. Purchase musical equipment for $10,500 cash. 
d. Obtain a loan from a bank by signing a note for $11,000.

 

Record the transactions. The company uses the following accounts: Cash, Prepaid Insurance, Equipment, Notes Payable, and Service Revenue.

Journal entry worksheet
2
4
Provide music lessons to students for $7,500 cash.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
a.
Record entry
Clear entry
View general journal
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Journal entry worksheet 2 4 Provide music lessons to students for $7,500 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal

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Journal entries includes the recording of each monetary transaction in the books of accounts of a business....

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