Problem: During May, the transactions for Andy's Consulting Company were as follows: May 5  : Paid $1,000 for back office supplies previously purchased on account May 8  : Performed consulting services on account for $7,200 May 9  : Purchased supplies for $850 on account May 23: Received an invoice for equipment repairs for $920 May 29: Paid $2,400 for a 12-month fire insurance policy. Coverage begins on June 1. Provide journal entries for these transactions.  

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During May, the transactions for Andy's Consulting Company were as follows:

May 5  : Paid $1,000 for back office supplies previously purchased on account
May 8  : Performed consulting services on account for $7,200
May 9  : Purchased supplies for $850 on account
May 23: Received an invoice for equipment repairs for $920
May 29: Paid $2,400 for a 12-month fire insurance policy. Coverage begins on June 1.

Provide journal entries for these transactions.

 

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