ACC 205 Week 1 DQ 2

acc_205_week_1_dq_2.docx

Ron_W1DQ2 E2-15

Ron_W1DQ2 P2-31A

$180,000 is a debit

$100,000 is a credit

Journal

Date	Accounts and Explanations	PR	Debit	Credit
July	1	Cash		350,000
		Darrell Palusky, Capital			350,000
		*Received investment from owner.*
	2	Building		300,000
		Cash			300,000
		*Paid cash for theater building.*
	5	Cash		220,000
		Notes Payable			220,000
		*Borrowed money on note payable.*
	10	Supplies		1,700
		Accounts Payable			1,700
		*Purchased supplies on account.*
	15	Accounts Payable		800
		Cash			800
		*Paid cash on account.*
	15	Property Tax Expense		1,200
		Cash			1,200
		*Paid property tax on theater building.*
	16	Salary Expense		2,800
		Rent Expense		1,800
		Cash			4,600
		*Paid cash expenses.*
	28	Darrel Palusky, Withdrawals		6,000
		Cash			6,000
		*Withdrawal by owner.*
	31	Cash		20,000
		Service Revenue			20,000
		*Performed service and received cash.*