Blue Suits Consulting began business on January 1, 2017. Using an Excel spreadsheet, prepare journal entries...

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Solution:

Journal Entries - Blue Suits Consulting
Date	Particulars	Debit	Credit
1-Jan-17	Cash Dr	$28,000.00
	Computer Equipment Dr	$15,000.00
	To Owner's Capital		$43,000.00
	(Being captial invested by owner)

3-Feb-17	Cash Dr	$6,300.00
	To Service Revenue		$6,300.00
	(Being service performed for client)

28-Feb-17	Office equipment Dr	$8,000.00
	To Accounts payable		$8,000.00
	(To record purchase of office equipment on credit)

3-Mar-17	Accounts receivables Dr	$2,300.00
	To Service Revenue		$2,300.00
	(Being service performed for client)

10-Mar-17	Cash Dr ($2,300*98%	$2,254.00
	Sales discount Dr	$46.00
	To Accounts receivables		$2,300.00
	(To reocrd collection from receivables)

9-Apr-17	Accounts payable Dr	$8,000.00
	To Cash		$8,000.00
	(To record payment for equipment purchase)

25-Dec-17	Supplies Dr	$1,300.00
	To Accounts payable		$1,300.00
	(To record purchase of supplies on account)

31-Dec-17	Owner's Drawings Dr	$2,500.00
	To Cash		$2,500.00
	(Being cash withdrawn by owner)

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