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Journalize the Transactions Transactions for July 2024 The business owner contributed a truck with a fair value of $17,000 to the business. The business issued
Journalize the Transactions
Transactions for July 2024 The business owner contributed a truck with a fair value of $17,000 to the business. The business issued the owner shares of common stock in exchange for this contribution. 1 Paid $1,280 cash for a six-month insurance policy. The policy begins July 1. 4 Paid $1,350 cash for office supplies. 7 Purchased $1,570 of merchandise on account with terms of 2/10,n/30. 12 Performed coaching services for a customer and received $2,700 cash. 15 Completed a large coaching job, billed the customer, $3,700, and received a promise to collect the $3,700 within one week. 17 Sold merchandise inventory on account for $5,100. Payment terms were 2/10,n/30. These goods cost the company $2,050. 18 Paid employee salary, $1,850. 20 Received $8,700 cash for performing coaching services. 22 Collected $3,700 in advance for coaching service to be performed later. 25 Collected $3,700 cash from customer on account. 27 Received the electric bill and cell phone bill for the business totaling $875. (Credit Accounts Payable) 28 Performed coaching services on account, $2,300. 30 Paid $560 on account. 31 Received cash from July 17 customer in full settlement of their debt. 31 Cash dividends of $1,200 were paid to stockholders. Adjusting Entries a Accrued Salaries Expense, $1,950. b Depreciation was recorded on the truck using the straight-line method. Assume a useful life of five years and a salvage value of $1,000. c Prepaid Insurance for the month has expired. d Office Supplies on hand, $805 e Unearned Revenue earned during the month, $905. i Accrued Service Revenue, \$545. 9 Six months of rent was prepaid at the end of June covering July-December. One month of rent has expired Step by Step Solution
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