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2 years ago

The following transactions occur for Cardinal Music Academy during the month of October:

Business

1 answer:

tamaranim1 [39]2 years ago

7 0

Answer:

The entries to record the transactions are given below.

a. Provide music lessons to students for $7,000 cash.

Debit Cash Asset $ 7000

CreditService Revenue income $ 7000

b. Purchase prepaid insurance to protect musical equipment over the next year for $3,000 cash.

Debit Prepaid Insurance equipment Asset $ 3000

Credit Cash Asset $ 3000

c. Purchase musical equipment for $10,000 cash.

Debit Equipment Asset $ 10,000

Credit Cash Asset $ 10,000

d. Obtain a loan from a bank by signing a note for $10,000

Debit Cash Asset $ 10,000

Credit Notes payable $ 10,000

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