EX 2-14 Journal entries

Based upon the T accounts in Exercise 2-13, prepare the nine journal entries from which the postings were made. Journal entry explanations may be omitted.

Answer:

(1) Cash75,000         

Beth Worley, Capital75,000        

(2) Supplies900              

Cash900             

(3) Equipment8,000           

Accounts Payable6,400          

Cash1,600          

(4) Operating Expenses6,280           

Cash6,280          

(5) Accounts Receivable12,300         

Fees Earned12,300        

(6) Accounts Payable2,700           

Cash2,700          

(7) Cash8,150           

Accounts Receivable8,150          

(8) Operating Expenses660              

Supplies660             

(9) Beth Worley, Drawing2,500           

Cash2,500