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STU Ltd provides computer training services. STU charges $8,000 per day and allows customers 30
days to pay invoices. The following events occurred for STU Ltd during the month of June 2015:
a)
b)
c)
d)
e)
Account name
Cash
Debit
Credit
40,000
Share capital
b
Accounts receivable
40,000
160,000
Service revenue
c
Cash
160,000
176,000
Accounts receivable
d
Prepaid rent
176,000
30,000
Cash
Rent expense
30,000
10,000
Prepaid rent
e
Petrol expense
Prepaid petrol
10,000
1,500
1,500
Cash
40,000
Unearned revenue
g
Depreciation expense
40,000
1,000
Accumulated depreciation
h
Wages expense
1,000
80,000
Cash
Wages expense
80,000
5,000
Wages payable
i
Interest expense
5,000
800
Interest payable
j
Retained profits
Cash
800
5,000
5,000