Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Journal Entries, for the month of July Create a proper JE for each transaction (if required), remember proper form (dates, indent, explanation) (10 marks) (General
Journal Entries, for the month of July Create a proper JE for each transaction (if required), remember proper form (dates, indent, explanation) (10 marks) (General Journal page below) a. On Jul 1, 2016 Francis Wong invested $45,000 in her cleaning business depositing it into her new business bank account b. On Jul 3, 2016 Francis wrote a $800 cheque (\#1) to the landlord for the July rent of her new warehouse space c. On Jul 18, 2016 Francis bought a cleaning machine for $7,000 from XY Supply, on account, due in 15 days d. On Jul 26, 2016 Francis signed a contract with Holiday Hotels to clean their lobbies monthly starting Sept 1, 2016 The agreed contract rate will be $350 per month e. On Jul 28, 2016 Francis did some cleaning for a client, Sam Roberts, he was invoiced $1,800 (invoice \#1) note: The $1,800 is due and payable by the client to Francis on August 9th (14 day terms) f. On Jul 31, 2016 Francis went online and paid her telephone bill for the month of July, it was for $185 She directly paid it using a transfer from her bank account
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