You have the following transactions the last few days of April.You stop by your uncle's gas station to refill both gas cans for your company, Watson'sLandscaping. Your uncle adds the total of $28 to your account.Apr. 25You record another week's revenue for the lawns mowed over the past week. Youearned $1,200. You received cash equal to 75% of your revenue.Apr. 26You pay your local newspaper $35 to run an advertisement in this week's paper.You make a $25 payment on account.Apr. 27Apr. 29A. Prepare the necessary journal entries for these four transactions.B. Explain why you debited and credited the accounts you did.C. What will be the new balance in each account used in theseentries?

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Description: You have the following transactions the last few days of April.You stop by your uncle's gas station to refill both gas cans for your company, Watson'sLandscaping. Your uncle adds the total of $28 to your account.Apr. 25You record another week's reve

Journal entries refer to the recording of financial transactions in an accounting journal by using…

Business

Accounting

You have the following transactions the last few days of April. You stop by your uncle's gas station to refill both gas cans for your company, Watson's Landscaping. Your uncle adds the total of $28 to your account. Apr. 25 Apr. 26 You record another week's revenue for the lawns mowed over the past week. You earned $1,200. You received cash equal to 75% of your revenue. Apr. 27 You pay your local newspaper $35 to run an advertisement in this week's paper. Apr. 29 You make a $25 payment on account. A. Prepare the necessary journal entries for these four transactions. B. Explain why you debited and credited the accounts you did. C. What will be the new balance in each account used in these entries?

You have the following transactions the last few days of April. You stop by your uncle's gas station to refill both gas cans for your company, Watson's Landscaping. Your uncle adds the total of $28 to your account. Apr. 25 Apr. 26 You record another week's revenue for the lawns mowed over the past week. You earned $1,200. You received cash equal to 75% of your revenue. Apr. 27 You pay your local newspaper $35 to run an advertisement in this week's paper. Apr. 29 You make a $25 payment on account. A. Prepare the necessary journal entries for these four transactions. B. Explain why you debited and credited the accounts you did. C. What will be the new balance in each account used in these entries?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 33P

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