Question
Prepare a general journal entry for each transaction of the dog training business. Posting is automatically done by the software. December 9 Provides training services for \( \$ 2,400 \) and rents training equipment for \( \$ 600 \). The customer is billed \( \$ 3,000 \) for these services. December 19 Receives \( \$ 3,000 \) cash from the customer billed on Dec. 9 . December 20 Purchases \( \$ 2,000 \) of supplies on credit from a supplier. December 23 Receives \( \$ 1,600 \) cash in advance of providing a 4 -week training service to a customer. December 29 Pays \( \$ 1,300 \) cash as a partial payment toward the accounts payable of Dec. 20. December 30 Withdrawal of \( \$ 500 \) cash by the owner for personal use.
Ask by Joseph Craig. in the United States
Mar 10,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
**December 9**
- Debit: Accounts Receivable \( \$3,000 \)
- Credit: Training Service Revenue \( \$2,400 \)
- Credit: Equipment Rental Revenue \( \$600 \)
**December 19**
- Debit: Cash \( \$3,000 \)
- Credit: Accounts Receivable \( \$3,000 \)
**December 20**
- Debit: Supplies \( \$2,000 \)
- Credit: Accounts Payable \( \$2,000 \)
**December 23**
- Debit: Cash \( \$1,600 \)
- Credit: Unearned Revenue \( \$1,600 \)
**December 29**
- Debit: Accounts Payable \( \$1,300 \)
- Credit: Cash \( \$1,300 \)
**December 30**
- Debit: Owner's Drawings \( \$500 \)
- Credit: Cash \( \$500 \)
Solution
**December 9**
- Debit: Accounts Receivable \( \$3,000 \)
- Credit: Training Service Revenue \( \$2,400 \)
- Credit: Equipment Rental Revenue \( \$600 \)
---
**December 19**
- Debit: Cash \( \$3,000 \)
- Credit: Accounts Receivable \( \$3,000 \)
---
**December 20**
- Debit: Supplies \( \$2,000 \)
- Credit: Accounts Payable \( \$2,000 \)
---
**December 23**
- Debit: Cash \( \$1,600 \)
- Credit: Unearned Revenue \( \$1,600 \)
---
**December 29**
- Debit: Accounts Payable \( \$1,300 \)
- Credit: Cash \( \$1,300 \)
---
**December 30**
- Debit: Owner's Drawings \( \$500 \)
- Credit: Cash \( \$500 \)
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Simplify this solution Beyond the Answer
On December 9, your business provided training services worth $2,400 and rented out training equipment for $600, totaling a bill of $3,000 to the customer. This showcases the dual nature of revenue generation, both from services and tangible assets. Think of it as a delightful combo of tail wags and tangible rewards! Fast forward to December 20, where you purchased $2,000 in supplies on credit. This is a classic move in business—keeping operations smooth while managing cash flow efficiently! It's like stocking up on treats for the pups while knowing you can settle up later; just make sure to keep that slate clean!
