In an Excel spreadsheet configured similarly to the journal shown below, prepare journal entries (in journal entry form) for the following transactions. If no entry is required, write “no entry.” Omit explanations.
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March 1 |
Jean Kelly opened a dance school, called Jean’s Dance Studio, by depositing $15,000 into a business bank account. |
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March 2 |
Paid three months’ rent in advance, $1,800. |
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March 4 |
Hired a part time assistant, to be paid $250 per week, starting next week. |
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March 6 |
Purchased sound equipment for $2,000. Paid $400 in cash, the remainder to be paid in installments of $800 every two weeks. |
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March 8 |
Signed up five students, who will begin lessons on March 10, at $80 per week per student. |
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March 17 |
Received the first week’s tuition from four students; the fifth student will remit payment in three days. |
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March 17 |
Paid the assistant his first week’s wages. |
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March 20 |
Received payment from the fifth student. |
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March 21 |
Paid the first installment on the sound equipment purchased on March 6. |
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March 23 |
Received an electric bill of $100, to be paid April 1. |