Transactions and Journal Entries Are Shown Below

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.
$\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}$