Analyze the following transactions of Pretty Party Planners in the Analyze the following…

Analyze the following transactions of Pretty Party Planners in the
Analyze the following transactions of Pretty Party Planners in the manner shown for the December 1 transaction. Also, record each transaction in the journal.

Dec. 1 Paid monthly utilities expense of $200.

(Analysis: The expense, utilities expense, is increased; therefore, debit Utilities Expense. The asset, cash, is decreased; therefore, credit Cash.)

1 Utilities Expense……………………..200

Cash………………………………………………….200

4 Borrowed $20,000 cash, signing a note payable.

8 Purchased equipment on account, $4,000.

12 Performed service on account for a customer, $6,000.

19 Sold land for $24,000 cash that had cost this same amount.

22 Purchased supplies for $1,200 and paid cash.

27 Paid the liability created on December 8.

Analyze the following transactions of Pretty Party Planners in the

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