Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Journalize the July transactions Pharoah Clark opened Pharoah's Cleaning Service on July 1, 2022. During July, the following transactions were completed. July 1 Pharoah invested

Journalize the July transactions

image text in transcribed

Pharoah Clark opened Pharoah's Cleaning Service on July 1, 2022. During July, the following transactions were completed. July 1 Pharoah invested $20,200 cash in the business. 1 Purchased used equipment for $9,200, paying $4,100 cash and the balance on account. 3 Purchased cleaning supplies for $2,200 on account. 5 Paid $1,920 cash on a 1-year insurance policy effective July 1. 12 Billed customers $4,500 for cleaning services. 18 Paid $1,400 cash on amount owed on truck and $1,400 on amount owed on cleaning supplies. 20 Paid $2,500 cash for employee salaries. 21 Collected $3,500 cash from customers billed on July 12. 25 Billed customers $6,000 for cleaning services. 31 Paid $340 for monthly utilitiy bill for the equipment. (Use Utilities Expense.) 31 Withdraw $5,500 cash for personal use

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

7 6 .

Answered: 1 week ago