An auto-body repair shop has been in business for 23 years. a. Signed a long-term note and received a $115,000 loan from a local bank.
b. Billed a customer $4,950 for repair services just completed. Payment is expected in 45 days.
c. Wrote a check for $890 of rent for the current month.
d. Received $470 cash from a customer for work done the same day.
e. The company incurred $530 in advertising costs for the current month and is planning to pay these costs next month.
Prepare journal entries for the above transactions, which occurred during a recent month. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
A) Record the signing of a long-term note and receipt of a $115,000 loan from a local bank.
B) Record the signing of a long-term note and receipt of a $115,000 loan from a local bank.
C) Record the rent payment of a $890 for the current month.
D) Record the receipt of $470 cash from a customer for work done the same day.
E) Record the receipt of $470 cash from a customer for work done the same day