Need to fix Debit and Credit on #13 of the table (it is incorrect) No Account Titles and Explanation Debit Credit 1 Cash 25,900 Common Stock 25,900 Issued common stock for $25,900 cash. Cash is received and stock is issued. 2 Cash 7,600 Note payable 7,600 Obtained a bank loan for $7,600 by issuing a note payable. Cash is received and the liability is also increased. 3 Equipment 11,900 Cash 11,900 Equipment is bought by paying cash. 4 Office rent 1,300 Cash 1,300 Office rent is paid through cash. 5 Supplies 1,550 Cash 1,550 Supplies are bought for $1,550 cash. 6 Advertising Expense 650 Accounts Payable Daily Herald 650 Advertising is purchased on accounts of Daily Herald for $650. 7 Cash 2,160 Accounts Receivable 17,240 Revenue 19,400 Performed services for $19,400, cash of $2,160 is received from customers, and the balance of $17,240 is billed to customers on account. 8 Dividends 430 Cash 430 Paid $430 dividend to stockholders. 9 Utilities 2,160 Cash 2,160 Utility bill is paid for the month,2,160 10 Accounts Payable 650 Daily Herald 650 Advertising bought on accounts is paid in cash $650 11 Interest Expense 40 Cash 40 Paid $40 of interest on the bank for the loan of $7,600 obtained from the bank. 12 Salaries 6,910 Cash 6,910 Salaries for $6,910 are paid in cash. 13 Cash 17,240 (need value here) Accounts Receivable (need value here) 17,240 Accounts Receivable $17,240 Cr Cash is received for the balance of $17,240 billed to customers on account for services performed. More information

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 17PA: Prepare journal entries to record the following transactions for the month of November: A. on first...

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Need to fix Debit and Credit on #13 of the table (it is incorrect)

No	Account Titles and Explanation	Debit	Credit
1	Cash	25,900
	Common Stock		25,900
	Issued common stock for $25,900 cash. Cash is received and stock is issued.
2	Cash	7,600
	Note payable		7,600
	Obtained a bank loan for $7,600 by issuing a note payable. Cash is received and the liability is also increased.
3	Equipment	11,900
	Cash		11,900
	Equipment is bought by paying cash.
4	Office rent	1,300
	Cash		1,300
	Office rent is paid through cash.
5	Supplies	1,550
	Cash		1,550
	Supplies are bought for $1,550 cash.
6	Advertising Expense	650
	Accounts Payable Daily Herald		650
	Advertising is purchased on accounts of Daily Herald for $650.
7	Cash	2,160
	Accounts Receivable	17,240
	Revenue		19,400
	Performed services for $19,400, cash of $2,160 is received from customers, and the balance of $17,240 is billed to customers on account.
8	Dividends	430
	Cash		430
	Paid $430 dividend to stockholders.
9	Utilities	2,160
	Cash		2,160
	Utility bill is paid for the month,2,160
10	Accounts Payable	650
	Daily Herald		650
	Advertising bought on accounts is paid in cash $650
11	Interest Expense	40
	Cash		40
	Paid $40 of interest on the bank for the loan of $7,600 obtained from the bank.
12	Salaries	6,910
	Cash		6,910
	Salaries for $6,910 are paid in cash.
13	Cash	17,240	(need value here)
	Accounts Receivable	(need value here)	17,240
	Accounts Receivable $17,240 Cr Cash is received for the balance of $17,240 billed to customers on account for services performed.

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On April 1, Shamrock, Inc. began operations. The following transactions were completed during the month.
1. Stockholders invested $25,900 in the business in exchange for common stock.
Obtained a bank loan for $7,600 by issuing a note payable.
Paid $11,900 cash to buy equipment.
Paid $1,300 cash for April office rent.
Paid $1,550 for supplies.
Purchased $650 of advertising in the Daily Herald, on account.
Performed services for $19,400: cash of $2,160 was received from customers, and the balance of $17,240 was billed to
customers on account.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
Paid $430 cash dividend to stockholders.
Paid the utility bill for the month, $2,160.
Paid Daily Herald the amount due in transaction (6).
Paid $40 of interest on the bank loan obtained in transaction (2).
Paid employees' salaries and wages, $6,910.
Received $12,960 cash from customers billed in transaction (7).

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