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Transactions and Journal Entries Are Shown Below

Question 65

Essay

Transactions and journal entries are shown below.Read the transaction and determine if the correct journal entry
has been made.If a correction is necessary,prepare a correcting entry.
a. Emma Fox, the owner, invested $47,000 cash.  Equipment 47,000 Emma Fox, Capital 47,000b. Fox paid wages of $2,600 Wages Expense 2,600 Wages Payable 2,600c. Fox paid the monthly utility bill, $375. Supplies375 Cash375e.Services were provided to a client on account, $700.Accounts Payable700Service Fees700\begin{array}{llll}a.&\text { Emma Fox, the owner, invested } \$ 47,000 \text { cash. }\\\\&\text { Equipment }& 47,000 \\&\text { Emma Fox, Capital } && 47,000 \\\\b.& \text { Fox paid wages of } \$ 2,600 & \\\\&\text { Wages Expense } & 2,600\\&\text { Wages Payable }& & 2,600 \\\\c. &\text { Fox paid the monthly utility bill, \( \$ 375 \).}\\\\&\text { Supplies}&375\\&\text { Cash}&&375\\\\e. &\text {Services were provided to a client on account, \( \$ 700 \).}\\\\&\text {Accounts Payable}&700\\&\text {Service Fees}&&700\end{array}

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