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Phill Valdes is the owner and manager of business strategy planning services for start ups. The business is called Higher Strategy Solutions and it has
Phill Valdes is the owner and manager of business strategy planning services for start ups. The business is called Higher Strategy Solutions and it has been struggling financially for the last two years. Here are the transactions that took place in the month of July, 2021 Jul 2 Received $2,500 cash for consulting that will be provided next month. Jul 4 The owner invested $3,680 cash into the business. Jul 5 Paid $1,600 toward the bank loan principal Jul 7 Received the travel bill for $3,000 which will be paid later. Jul 10 Paid $160 interest on the bank loan. Jul 13 Provided services to a customer and received $1,990 cash Jul 15 Provided services worth $2.420 to a customer who will pay next month Jul 18 owner withdrew $1,500 cash for personal use. Jul 20 Prepaid $15,000 cash for insurance for one year Jul 26 Paid an employee's salary of $5,000 in cash. Prepare the journal entries for the above transactions. Do not enter dollar signs or commas in the input boxes. Date Account Title and Explanation Debit Credit 2021 Jul 2
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