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Myra Sharma owns and operates a yoga studio, Green Yoga
Myra Sharma owns and operates a yoga studio, Green Yoga. Examine the following transactions and identify those that created expenses for Green Yoga.
a. Paid $14,100 cash for office supplies purchased 30 days previously. b. Paid the $1,125 salary of the receptionist. c_ Paid $45,000 cash for yoga studio equipment. d_ Paid utility bill with $930 cash. e_ Withdrew $5,000 from the business account for personal use_
Prepare general journal entries to record only those transactions, which create expenses for Green Yoga. III no entry Is required for a transaction /eve nt. select "No Jourry.
Expert Solution
a. It involves decrease in accounts payable and decrease in cash, Since both are balance sheet accounts, no expense is credited.
c. It involves increase in yoga studio equipment and decrease in cash. Since both of them are asset balance sheet accounts, no expense is credited.
e. It involves increase in owners withdrawals and increase in cash. Since both are balance sheet accounts, no expense is credit.
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