213.Prepare a journal entry on October 12 for the fees earned on account, $14,600. Omit explanation.
214.Journalize the five transactions for Mirmax Rentals described below.
August 1Mirmax purchases two new saws on credit at $425 each. Thesaws are added to Mirmax’s rental inventory. Payment is duein 30 days.
8Mirmax accepts advance deposits for tool rentals of $125 thatwill be applied to the cash rental when the tools are returned.
15Mirmax receives a bill from Macon Utility Company for
$180. Payment is due in 30 days.
20Customers are charged $1,250 by Mirmax for toolrentals. Payment is due from the customers in 30 days.
31Mirmax receives $600 in payments from the customers thatwere billed for rentals on August 20.
215.State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit andcredit entries when recording business transactions during the month. Also, indicate the normal balance of eachaccount.
1.Fees Earned4.Supplies
2.Utilities Expense5.Cash
3.Accounts Payable6.Accounts Receivable