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An owner decides to open a cleaning service business that will operate as a proprietorship. The transactions for the month of July are listed
An owner decides to open a cleaning service business that will operate as a proprietorship. The transactions for the month of July are listed below: 1. Owner invests $27,000 in cash to start a cleaning business on June 1. 2. Purchased equipment for $6,400, paying $3,600 in cash and the remainder due in 30 days. 3. Purchased supplies for $1,500 cash. 4. Received a bill from Daily newspaper for $320 for advertising. 5. Provided $2,000 of services to customers for cash. 6. Paid salaries of $210 to student workers. 7. Billed the Customer A $130 for services. 8. Paid $320 to Daily newspaper for advertising that was previously billed in Transaction 4. 9. Owner withdrew $800 from the business for living expenses. 10. Incurred utility expenses for month on account, $500.
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