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Michael Udo is the founder and manager of a small catering service business for almost nine years. The company is called Cateringify and below are
Michael Udo is the founder and manager of a small catering service business for almost nine years. The company is called Cateringify and below are the transactions that took place in August, 2021. Aug 1 Received a $180 utilities bill, which will be paid later this month. Aug 4 Paid $17,630 cash in advance for office rent for the next six months. Aug 5 Provided services worth $1,600 to a customer on account. Aug 7 Purchased equipment worth $11,000, which will be paid later. Aug 10 Paid $2,600 toward the bank loan principal. Aug 11 Paid $1,300 cash to reduce the balance of accounts payable. Aug 15 The owner withdrew $2,930 cash for personal use. Aug 18 Received payment from the customer from Aug 5. Aug 25 Paid the utilities bill received on Aug 1. Aug 26 Paid salaries of $4,700 for the month with cash. Prepare the journal entries for the above transactions. Do not enter dollar signs or commas in the input boxes
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