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On August 1st The Bus company has a Cash balance of $200. During August, the company...

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Accounting

On August 1st The Bus company hasa Cash balance of $200. During August, the company performed $2000in services on account and collected $900 from customers forservices performed. A total of $1,300 was received on the sale ofcommon stock, purchased supplies on account of $500, paid Insuranceof $600, and paid salaries for $800. Dividends of $400 paid.

What are the journal entries andbalances in the T-accounts? Please explain any detailsplease.

Answer & Explanation Solved by verified expert
3.9 Ratings (397 Votes)

Journal entries in the month of August Balances in T-Accounts
Transaction Account Titles Debit Credit Cash Service Revenue
a Accounts Receivables $2,000.00 Beg.bal. $200.00 $600.00 e $2,000.00 a
Service Revenue $2,000.00 b $900.00 $800.00 f
c $1,300.00 $400.00 g
b Cash $900.00 End.bal. $600.00 End.bal. $2,000.00
Accounts Receivables $900.00
Accounts Receivables Common stock
c Cash $1,300.00 a $2,000.00 $900.00 b $1,300.00 c
Common stock $1,300.00
d Supplies $500.00 End.bal. $1,100.00 End.bal. $1,300.00
Accounts Payable $500.00
Accounts Payable Supplies
e Insurance Expense $600.00 $500.00 d d $500.00
Cash $600.00
f Salaries Expense $800.00 End.bal. $500.00 End.bal. $500.00
Cash $800.00
Insurance Expense Salaries Expense
g Dividends $400.00 e $600.00 f $800.00
Cash $400.00
End.bal. $600.00 End.bal. $800.00
Dividends
g $400.00
End.bal. $400.00

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