Record the following transactions for the Stroud Music Store:(a) Provide music lessons to students for $12,000 on account.(b) Purchase music supplies on account, $1,500.(c) Pay rent for the current month, $2,000.(d) Receive $10,000 cash from students in (a) above.
What will be an ideal response?
| (a) | Accounts Receivable | 12,000 | ? |
| ? | Service Revenue | ? | 12,000 |
| (b) | Supplies | 1,500 | ? |
| ? | Accounts Payable | ? | 1,500 |
| (c) | Rent Expense | 2,000 | ? |
| ? | Cash | ? | 2,000 |
| (d) | Cash | 10,000 | ? |
| ? | Accounts Receivable | ? | 10,000 |
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