FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Accounting
Prepare and submit journal entries for the following transactions. Follow the
correct form and be sure to indicate debits and credits.
Asset Purchase: Prepare a journal entry for the purchase of a truck on May 10 for
$67,800, paying $12,500 cash and the remainder on account.
Fees Earned: Prepare a journal entry on May 25 for the fees earned on account,
$758.00.
Owner's Withdrawal: Prepare a journal entry on November 1 for the payment of
$14,500 to the owner of Common Sense Consulting Services, James Howard, for
personal use.
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Transcribed Image Text:Accounting Prepare and submit journal entries for the following transactions. Follow the correct form and be sure to indicate debits and credits. Asset Purchase: Prepare a journal entry for the purchase of a truck on May 10 for $67,800, paying $12,500 cash and the remainder on account. Fees Earned: Prepare a journal entry on May 25 for the fees earned on account, $758.00. Owner's Withdrawal: Prepare a journal entry on November 1 for the payment of $14,500 to the owner of Common Sense Consulting Services, James Howard, for personal use.
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