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Following are the transactions for Valdez Services. a. The company paid $5,000 cash for payment on a 2-month-old account payable for office supplies. b. The company paid $1,500 cash for the just-completed two-week salary of the receptionist. c. The company paid $31,000 cash for equipment purchased. d. The company paid $700 cash for this month's utilities. e. The company paid a $5,000 cash dividend to the owner (sole shareholder). 1. Prepare general journal entries for the above transactions of Valdez Services. 2. Listed below are three reasons why a transaction would not result in an expense. Match each of the reasons to the transaction it properly describes. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare general journal entries for the above transactions of Valdez Services. View transaction list
Required 1 Required 2 Prepare general journal entries for the above transactions of Valdez Services. View transaction list Journal entry worksheet 1 2 3 4 5 The company paid $5,000 cash for payment on a 2-month-old account payable for office supplies. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal
Required 1 Required 2 Prepare general journal entries for the above transactions of Valdez Services. View transaction list Journal entry worksheet < 1 2 3 4 5 The company paid $1,500 cash for the just-completed two-week salary of the receptionist. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal >
Required 1 Required 2 Prepare general journal entries for the above transactions of Valdez Services. View transaction list Journal entry worksheet < 1 2 3 4 5 The company paid $31,000 cash for equipment purchased. Note: Enter debits before credits. Transaction General Journal C. Record entry Clear entry Debit Credit View general journal >
Required 1 Required 2 Prepare general journal entries for the above transactions of Valdez Services. View transaction list Journal entry worksheet < 1 2 3 4 5 The company paid $700 cash for this month's utilities. Note: Enter debits before credits. General Journal Transaction d. Clear entry Record entry Debit Credit View general journal >
Required 1 Required 2 Prepare general journal entries for the above transactions of Valdez Services. View transaction list Journal entry worksheet < 1 2 3 4 5 The company paid a $5,000 cash dividend to the owner (sole shareholder). Note: Enter debits before credits. Transaction General Journal Debit Credit e. Record entry Clear entry View general journal >
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Listed below are three reasons why a transaction would not result in an expense. Match each of the reasons to the transaction it properly describes. Reason Transaction This transaction is a distribution of cash to the owner. Even though equity decreased, that decrease did not occur in the process of providing goods or services to customers. This transaction decreased cash in settlement of a previously existing liability (equity did not change). Supplies expense is recorded when assets are used, not necessarily when cash is paid. This transaction involves the purchase of an asset. The form of the company's assets changed, but total assets did not (and neither did equity). < Required 1 Required 2