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4) Mr. Obi deposited $23,000 in a bank account to start the business. He paid an attorney $1,400. Mr. Obi then borrowed $10,000 from a
4) Mr. Obi deposited $23,000 in a bank account to start the business. He paid an attorney $1,400. Mr. Obi then borrowed $10,000 from a bank. He purchased a truck for $ 14,800, paying a down payment of $ 5,000 and borrowing the balance. The first payment is due next month. He rented an office and paid 3 months rent for $ 1,800. He bought office equipment of $ $ 1,400, repair tools of $ 1,000 on credit. All the above entries happened June 1. By June 30 he completed $ 2600 of repair work, of which $800 was paid in cash. He paid back $ 520, which included $ 120 of interest on the loan. Wages of $800 were paid during the month. He also received a utility bill of $150 which had not been paid and he received a check for $100 for work to be done next month. Provide all journal entries
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