Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lee Chang opened Sandhill's Window Washing on July 1, 2021. In July, the following transactions were completed: July 1 Invested $30,000 cash in the business.

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Lee Chang opened Sandhill's Window Washing on July 1, 2021. In July, the following transactions were completed: July 1 Invested $30,000 cash in the business. Purchased a used truck for $25,200, paying $5,200 cash and signing a note payable for the balance. Paid $2.800 on a one-year insurance policy, effective July 1. Billed customers $4,100 for cleaning services. 12 Purchased supplies for $2.080 on account. 18 Paid $3,000 for employee salaries. 25 Billed customers $9.000 for cleaning services. 28 Collected $4.100 from customers billed on July 5. 31 Paid $550 for repairs on the truck. 31 Withdrew $1.900 cash for personal use. Journalize and post the July transactions to the general ledger. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter Ofor the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit July 1 v Cash 30000 L. Chang, Capital V 30000 (To record cash invested in the business) July 1 y Vehicles 25200 Cash 5200 Notes Payable V 20000 (To record purchase of truck) July 1 V V Prepaid Insurance 2800 Cash 2800 (To record nayment of insurance) if July 5 Accounts Receivable 4100 Service Revenue 4100 July 12 Supplies 2080 Accounts Payable 2080 July 18 Salaries Expense 3000 Cash 3000 July 25 Accounts Receivable 9000 Service Revenue 9000 July 28 Cash 4100 Accounts Receivable 4100 July 31 Repairs Expense 550 Cash 550 Cash Date Explanation Ref. Debit Credit Balance July 1 J1 30000 30000 1 J1 5200 1 J1 2800 18 J1 3000 28 J1 4100 31 J1 550 31 J1 1900

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

Recommended Textbook for

Quality Audits Are Fun Journal Notes Checklists Questions Observations Evidence Log

Authors: Just Visualize It, The Quality Guy

1st Edition

1726628981, 978-1726628983

More Books

Students also viewed these Accounting questions