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Record the following transactions for the Stroud Music Store

Record the following transactions for the Stroud Music Store:

(a) Provide music lessons to students for $12,000 on account.

(b) Purchase music supplies on account, $1,500.

(c) Pay rent for the current month, $2,000.

(d) Receive $10,000 cash from students in (a) above.

 

 

172. Rite Shoes was involved in the transactions described below. Record each transaction. If an entry is not required, state "No Entry."

(a) Purchased $8,200 of supplies on account.

(b) Paid weekly salaries, $920.

(c) Provide services to customers: Cash: $7,100; On account: $5,300.

(d) Paid for supplies purchased in (a) above.

(e) Placed an order for $6,200 of supplies.

 

 

173. Record the following transactions. If an entry is not required, state "No Entry."

(a) Started business by issuing 10,000 shares of common stock for $20,000.

(b) Hired Rebecca as an administrative assistant, promising to pay her $2,000 every two weeks.

(c) Rented a building for three years at $500 per month and paid six months' rent in advance.

(d) Purchased equipment for $5,400 cash.

(e) Purchased $1,800 of supplies on account.

(f) Provided services to customers for $7,800 cash.

(g) Paid employee salaries, $5,200.

(h) Paid for supplies purchased in item (e).

(i) Paid $800 for current advertising in a local newspaper.

(j) Paid utility bill of $1,300 for the current month.

Jan 27 2020 View more View Less

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