Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1 38:35:40 points awarded Scored Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services.
1 38:35:40 points awarded Scored Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions during July 2023, its first month of operations July 1 The owner, Manny 6111, invested $5,300 cash. 10 Purchased $2,800 worth of security equipment on credit. 12 Performed security services for a sold-out concert and received $10,000 cash from the client. 14 Paid for expenses; $3,000. 15 Completed security services for a graduation event and sent the client a bill for $1,650. 31 The owner withdrew $200 cash for personal use. Required: 2. Record the journal entries for the month of July. WEST SECURE Statement of Changes in Equity For Month Ended July 31, 2023 Manny Gill, capital, July 1 Add. Investments by owner $ 5,300 O Add Profe Total 00 5.300 7.850 O 13.150 18.450 Less Withdrawals by owner 0 280 Manny Gill, capital, July 31 518,170 Assets Cash Accounts receivable Equipment Total assets OS 000 WEST SECURE Balance Sheet July 31, 2023 Liabilities 11.220 1.650 O Accounts payable 2.800 2.800 O Equity Manny Gil capital 13. 150 O Manny Ga, withdrawals 15.670 Total liabilities and equity (200) 15.670
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started