ACC

1. (30 Points)

Prepare journal entries for the transactions for Beam Co for the month of July 2020.

7/2 Barry Beam invested 30,000 to start the business

7/5 Purchased 1,500 of supplies for cash

7/9 Purchased advertising from Evening Journal at a cost of 1,250 payable in 15 days. 7/15 Provided 2,000 of service to H Co. collected 500 cash and balance on account

7/19 Paid for advertising purchased from the Evening Journal on 7/9

7/21 Purchased equipment from T Co. for 6,500, paid cash 1,500 and balance on account 7/25 Hired assistant at a salary of 750 per week

7/28 Received 1,000 cash advance for service to be provided in August

7/30 Received utility bill for 225

7/31 Collected accounts receivable from H Co.

7/31 Beam withdrew 2,000 cash for personal use