Do these in a journal entries form and illustrate it:1. August 7. Bought supplies in account from Long Music Supplies, $
2720.00.
August 7. Received cash from sales $400.00.
August 11. Paid cash on account to Caroline office supplies $250.00.
August 11. Paid cash on account to ling Music Supplies $1360.00.
August 13. Paid cash for repairs $ 80.00
August 12. Received cash from sales, $325.00.
August 13. Paid cash for repairs $ 80.00
August 14. Paid cash to owner for personal use $100.00.
August 20. Bought supplies on account to Godwin supplies company $50.00
Journal Entries:
August 7, 20XX:
- Bought supplies in account from Long Music Supplies for $2,720.00.
Illustration:
📅 August 7, 20XX
📒 Journal Entry
- Debit: Supplies ($2,720.00)
- Credit: Accounts Payable - Long Music Supplies ($2,720.00)
August 7, 20XX:
- Received cash from sales amounting to $400.00.
Illustration:
📅 August 7, 20XX
📒 Journal Entry
- Debit: Cash ($400.00)
- Credit: Sales ($400.00)
August 11, 20XX:
- Paid $250.00 cash on account to Caroline Office Supplies.
Illustration:
📅 August 11, 20XX
📒 Journal Entry
- Debit: Accounts Payable - Caroline Office Supplies ($250.00)
- Credit: Cash ($250.00)
August 11, 20XX:
- Paid $1,360.00 cash on account to Long Music Supplies.
Illustration:
📅 August 11, 20XX
📒 Journal Entry
- Debit: Accounts Payable - Long Music Supplies ($1,360.00)
- Credit: Cash ($1,360.00)
August 13, 20XX:
- Paid $80.00 cash for repairs.
Illustration:
📅 August 13, 20XX
📒 Journal Entry
- Debit: Repairs Expense ($80.00)
- Credit: Cash ($80.00)
August 12, 20XX:
- Received $325.00 cash from sales.
Illustration:
📅 August 12, 20XX
📒 Journal Entry
- Debit: Cash ($325.00)
- Credit: Sales ($325.00)
August 13, 20XX:
- Paid $80.00 cash for repairs.
Illustration:
📅 August 13, 20XX
📒 Journal Entry
- Debit: Repairs Expense ($80.00)
- Credit: Cash ($80.00)
August 14, 20XX:
- Paid $100.00 cash to the owner for personal use.
Illustration:
📅 August 14, 20XX
📒 Journal Entry
- Debit: Owner's Drawings ($100.00)
- Credit: Cash ($100.00)
August 20, 20XX:
- Bought supplies on account from Godwin Supplies Company for $50.00.
Illustration:
📅 August 20, 20XX
📒 Journal Entry
- Debit: Supplies ($50.00)
- Credit: Accounts Payable - Godwin Supplies Company ($50.00)