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208) Sarah's Paralegal Services completed these transactions in February: a. Purchased office supplies on account, $300. b. Completed work for a client on credit, $500. c. Paid cash for the office supplies purchased in (a). d. Completed work for a client and received $800 cash. e. Received $500 cash for the work described in (b). f. Received $1,000 in advance from a client for services to be performed in March. Prepare journal entries to record the above transactions. Explanations are not necessary. Answer: a. Office Supplies Accounts Payable b. Accounts Receivable Services Revenue c. Accounts Payable Cash d. Cash Services Revenue e. Cash Accounts Receivable f. Cash Unearned Revenue

300 300 500 500 300 300 800 800 500 500 1,000 1,000

Difficulty: 3 Hard Topic: Journalizing and Posting Transactions Learning Objective: 02-P1 Record transactions in a journal and post entries to a ledger. Bloom's: Apply AACSB/Accessibility: Analytical Thinking / Keyboard Navigation AICPA: BB Industry; FN Measurement

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Test Bank for Fundamental Accounting Principles 24th Edition Wild  

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