Recording journal entries robin harrington established

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Reference no: EM132091033

Question: Recording Journal Entries Robin Harrington established Time Definite Delivery on January 1, 2011. The following transactions occurred during the company's most recent quarter.

a. Received $80,000 from Robin Harrington to establish the sole proprietorship.

b. Provided delivery service to customers, receiving $72,000 in accounts receivable and $16,000 in cash. c. Purchased equipment costing $82,000 and signed a long-term note for the full amount.

d. Incurred repair costs of $3,000 on account.

e. Collected $56,000 from customers on account.

f. Borrowed $90,000 by signing a long-term note.

g. Prepaid $74,400 cash to rent equipment and aircraft next quarter.

h. Paid employees $38,000 for work done during the quarter.

i. Purchased (with cash) and used $49,000 in fuel for delivery equipment.

j. Paid $2,000 on accounts payable.

k. Ordered but have not yet received $700 in supplies.

l. Robin Harrington withdrew $8,000 cash from the business.

Required: For each transaction, prepare a journal entry. If no entry is needed, explain why. Be sure to categorize each account as an asset (A), liability (L), owner's equity (OE), revenue (R), or expense (E).

Reference no: EM132091033

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