During April, Stephen's Erectors Engaged in the Following Transactions Involving

question 63

Essay

During April, Stephen's Erectors engaged in the following transactions involving it petty cash fund:
Prepare the journal entries necessary to record Stephen's petty cash transactions that occurred during the month of April.

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Definitions:

Service Revenue

Income earned by a company for services rendered to clients or customers.

Unearned Service Revenue

Refers to the money received by a company for services it has yet to render.

Temporary Accounts

Accounts that track transactions within a fiscal period and are reset to zero at the start of the next period, including revenues, expenses, and dividends.

Owner's Drawings

Withdrawals of a company's earnings by the owner for personal use, affecting the owner’s equity account in a separately held business.