Solve journal entries in discription below Essay Example

Particulars

$ 96,000.00

Owner’s Equity

$ 96,000.00

Owner invested $96,000 cash into the business

Music Equipment

$ 46,000.00

$ 46,000.00

Purchased Music Equipment for $46,000 cash

Prepaid advertising

$ 8,800.00

$ 8,800.00

Paid $8,800 for the next two month’s advertising

$ 162,000.00

MRMC Bank loan

$ 162,000.00

Obtained a long-term loan of $162,000 from the MRMC Bank

$ 4,300.00

Service revenue

$ 4,300.00

Received $4,300 in cash from Brashs World Records for music lessons provided on that day

Office supplies

$ 3,800.00

$ 3,800.00

Purchased approximately two months’ worth of office supplies on credit for $3,800 from Mac Hall

Account set up fee payment

Paid $150 for a non-refundable account set-up fee to the telephone provider.

$ 4,400.00

$ 4,400.00

Received $4,400 cash from KB Lo-Fi for future music lessons

Accounts receivable

$ 5,800.00

D-Funkt Records

$ 5,800.00

Provided $5,800 of music lessons on credit for D-Funkt Records

$ 3,000.00

Accounts receivable

$ 3,000.00

D-Funkt Records paid $3,000 in partial payment of their account

Staff wages

$ 6,700.00

$ 6,700.00

Paid staff wages of $6,700 for the period up to and including yesterday

Drawings

$ 1,000.00

$ 1,000.00

Oswald Meer withdrew $1,000 cash from the business

$ 3,000.00

Service revenue

$ 3,000.00

Received a cash payment of $3,000 from students for music lessons provided on that day

$ 2,660.00

$ 2,660.00

Made a partial payment of $2,660 for office supplies purchased on June 5

Accounts receivable

$ 8,200.00

Mel O’Dius

$ 8,200.00

Provided $8,200 of music lessons to Mel O’Dius on credit