1. Prepare journal entries to record each of the following transactions for Sanchez Company for the month of July 2022. Include an explanation for each entry. 20 marks . . . July 1 July 2 July 5 Capital stock was issued for cash, $ 300,000. Purchased trucks by signing a note bearing no interest, $210,000. Earned service revenue on account, $4,800. Collected the account receivable resulting from transaction (July 5), July 8 $4,800. July 10 Paid the note payable for the trucks purchased, $ 210,000. July 27. Paid utilities for the month in the amount of $ 1,800. July 30 Paid salaries for the month in the amount of $7,500. July 30 Purchased another truck for cash, $48,000] July 30 Performed delivery services on account, $ 24,000.

1. Prepare journal entries to record each of the following transactions for Sanchez Company for the month of July 2022. Include an explanation for each entry. 20 marks - July 1 Capital stock was issued for cash, $300,000. - July 2 Purchased trucks by signing a note bearing no interest; $210,000. - July 5 Earned service revenue on account, $4,800. - July 8 Collected the account receivable resulting from transaction (July 5), $4,800. - July 10 Paid the note payable for the trucks purchased, $210,000. - July 27. Paid utilities for the month in the amount of $1,800. - July 30 Paid salaries for the month in the amount of $7,500. - July 30 Purchased another truck for cash, $48,000I - July 30 Performed delivery services on account, $24,000