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question m3 14 preparing accrual basis journal entries for business activities ilo 3 4278932


M3-14 Preparing Accrual Basis Journal Entries for Business Activities ILO 3-3 Junktrader is an online company that specializes in matching buyers and sellers of used items. Buyers and sellers can purchase a membership with Junktrader, which provides them advance notice of potentially attractive offers. a. Junktrader provided online advertising services for another company for $260 on account. n the last day of the month, Junktrader paid $60 cash to run an ad promoting the company's services. The ad ran that day in the local newspaper c. Received $285 cash in membership fees for the month from new members. d. Received an electricity bill for $95 for usage this month. The bill will be paid next month. e. Billed a customer $342 for helping sell some junk. Junktrader expects to receive the customer's payment by the end of next month. 1. Prepare journal entries for the above transactions, which occurred during a recent month. (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field.)

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