An auto-body repair shop has been in business for 23 years. a. Signed a long-term note and received a $150,000 loan from a local bank. b. Billed a customer $2,000 for repair work just completed. Payment is expected in 45 days. c. Wrote a check for $600 of rent. d. Received $450 cash from a customer for work done the same day. e. The company incurred $400 in advertising costs for the current month and is planning to pay these costs next month. Required: Prepare journal entries for the above transactions, which occurred during a recent month. (Omit the "$" sign in your response.) General Journal Debit Credit a. Cash Note payable b. Accounts receivable Repair/Service revenue c. Rent expense Cash d. Cash Repair/Service revenue e. Advertising expense Accounts payable

An auto-body repair shop has been in business for 23 years.
 

a.	Signed a long-term note and received a $150,000 loan from a local bank.
b.	Billed a customer $2,000 for repair work just completed. Payment is expected in 45 days.
c.	Wrote a check for $600 of rent.
d.	Received $450 cash from a customer for work done the same day.
e.	The company incurred $400 in advertising costs for the current month and is planning to pay these costs next month.

Required:

Prepare journal entries for the above transactions, which occurred during a recent month. (Omit the "$" sign in your response.)

 

	General Journal	Debit	Credit
a.	Cash
	Note payable
b.	Accounts receivable
	Repair/Service revenue
c.	Rent expense
	Cash
d.	Cash
	Repair/Service revenue
e.	Advertising expense
	Accounts payable