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need an answer with explanation plz i'm bad at accouting Q3. 1. On July 1, J. Miller invested $40,000 cash in Miller Design Studio. 2.
need an answer with explanation plz i'm bad at accouting
Q3. 1. On July 1, J. Miller invested $40,000 cash in Miller Design Studio. 2. On July 2, J. ordered $5,200 in office supplies for Miller Design Studio. 3. On July 3, J. rents an office for Miller Design Studio, and she pays $3,200 for two months' rent in advance. 4. On July 5, Miller Design Studio received the office supplies ordered on July 2 and an invoice for $5,200. 5. On July 6, J. purchases office equipment totaling $16,320 for Miller Design Studio. J. pays $13,320 in cash and agrees to pay the rest next month. 6. On July 9, Miller Design Studio made a partial payment of $2,600 for the amount owed for the office supplies received on July 5 . 7. On July 10, Miller Design Studio performs a service for an investment advisor by designing a series of brochures and collects a $2,800 fee in cash. 8. On July 15, Miller Design Studio performed a service for a department store by designing a TV commercial. The company bills the $9,600 fee now but will collect it later. 9. On July 19 , Miller Design Studio accepts a $1,400 advance fee as a deposit on a series of brochures to be designed. 10. On July 22, Miller Design Studio received $5,000 cash from a customer previously billed on July 15. 11. On July 26, Miller Design Studio paid $4,800 for four weeks of employee wages. 12. On July 30, Miller Design Studio received but did not pay the utility bill due the following month, $680. 13. On July 31, Miller Design Studio withdrew $2,800 in cash. Required: Prepare journal entries for each item listed. Post transactions to general ledger and prepare a trial balanceStep by Step Solution
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