(Solved): 5. Enter the transactions into the general journal showing debits and credi ...

5. Enter the transactions into the general journal showing debits and credits a. Had room sales and received cash of $\$40,000$ a. Cash of $\$5,000$ was paid for rent c. Had room sales and send a bill $(\$2,000)$ to customer d. Purchase of cleaning supplies for cash, $\$1,500$ e. Purchase of office equipment on account from Bing's Office Equipment, $\$2,000$ f. Received cash $(\$3,000)$ by exchanging extra common stock g. Paid cash $\$2,000$ for existing accounts payable to Bing's Office Equipment h. Received cash $\$1,000$ for rent revenue i. Payment of wages with cash, $\$7,000$ Post the journal entries in \#1 to general ledger for each account. Be careful for 'Cash' and 'Accounts Payable'. If the balance is wrong, I point will be deducted for each. 2uestion \#1 on Hor Hints: When you calculate the final balance of the cash, please make sure whether you have increase or decrease. Because Cash is an Asset, increase of Cash is recorded on Debit, and decrease is recorded on Credit. Hints: Room sales revenue belongs to the equity, which increases the total equity: Ther efore, increase of revenue is recorded on Credit. Hints: Accounts Receivable is an asset, meaning increase of $A/R$ should be recorded on Debit. Hints: Cleaning supplies are asset, meaning increase of cleaning supplies should be recorded on Debit Hints: Office equipment is an asset, meaning increase of office equipment should be recorded on Debit. zutus. accounts payable is a liability, meaning that increase of accounts payable should be recorded on Acrount Namo Cnum............. Account Name: Rent revenue Hints: Rent revenue belongs to equity, which increases the total equity. Therefore, an increase in rent revenue should be recorded on credit. Hints: Wages expense is an equity account, which decreases the total equith. Make sure you understand that wages expense is NOT a liability. An increase in Wages expense, therefore, shoula 7. Open T-accounts for each account Account name, single line to calculate balance, and double underline for balance Ihave explained this in class 8. Prepare Trial Balance considering previous balance Be careful about '\$' sign and double underline. AAA Trial Balance August 31, 2017 8. Prepare Trial Balance considering previous balance Be careful about '\$' sign and double underline. AAA Trial Balance August 31, 2017 lestion \#4 on Homework \#2-2 Question \#5 on Homework \#2-2 Hint: Common Stock + Room Sales Revenue + Rent Revenue - Wages Expense - Rent Expense And, vou can infer Total Equity using the fundamental equation (Total Aseets = Total Liabiliti