Reference no: EM132972919

Questions -

Q1. Crane Company had the following transactions:

1. Cash is paid for the purchase of $495 of office supplies.

2. Customer is billed $1,130 for services provided that day.

3. Equipment with a cost of $2,070 is purchased on account.

4. The current month's utility bill of $295 is paid in cash.

5. Cash of $720 is received for services provided that day.

6. Cash of $6,880 is received for services to be provided in the next month.

Required - Journalize the transactions. Assume all of the transactions occurred on August 31.

Q2. In the first month of business, Jakmak Interior Design Company had the following transactions:

Mar. 5 The owner, Jackie MacKenzie, invested $10,830 cash in the business.

Mar. 7 Paid $340 cash for advertising the launch of the business.

Mar. 9 Purchased supplies on account for $1,380.

Mar. 11 Purchased a used car for $8,500 cash, for use in the business.

Mar. 13 Billed customers $1,820 for services performed.

Mar. 25 Borrowed $10,970 from the bank and signed a note payable.

Mar. 26 Received $1,360 cash from customers billed on March 13.

Mar. 29 Paid for the supplies purchased on March 9.

Mar. 30 Received $885 cash from a customer for services to be performed in April.

Mar. 31 Paid Jackie MacKenzie $1,270 cash for her personal use.

Required - Journalize the transactions.