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July 1 Issued 15,000 shares of the company's common stock in exchange for $15,000. July 3 Purchased a truck for $8,000. A down payment of
July 1 | Issued 15,000 shares of the company's common stock in exchange for $15,000. | ||||||||
July 3 | Purchased a truck for $8,000. A down payment of $3,000 was made, with the balance on account. | ||||||||
July 5 | Paid $1,200 to cover rent from July 1 through September 30. | ||||||||
July 7 | Purchased $2,000 of supplies on account. | ||||||||
July 10 | Billed customers for consulting services performed, $3,700. | ||||||||
July 14 | Paid $500 toward the amount owed for the supplies purchased on July 7. | ||||||||
July 15 | Paid $1750 in cash for employee wages. | ||||||||
July 19 | Collected $1600 in cash from customers that were billed on July 10. | ||||||||
July 21 | Received $4,200 cash from customers for services performed. | ||||||||
July 31 | Paid $350 in cash for truck repairs. | ||||||||
July 31 | Declared and Paid $700 in cash dividends. |
Post the July journal entries to the following T-accounts and compute ending balances. | ||||
Cash | ENDING BAL=13300 | Service Revenue | ||
Accounts Receivable | Rent Expense | |||
Supplies | ||||
Wages Expense | ||||
Prepaid Rent | ||||
Repairs & Maintenance Expense | ||||
Equipment | ||||
Supplies Expense | ||||
Accumulated Depreciation-Equipment | ||||
Depreciation Expense | ||||
Accounts Payable | ||||
Income Tax Expense | ||||
Income Tax Payable | ||||
Retained Earnings | ||||
Common Stock | ||||
Income Summary | ||||
Dividends | ||||
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