Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Horngrens Financial and Managerial Accounting

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

4th Edition

978-0133251241, 9780133427516, 133251241, 013342751X, 978-0133255584

Students also viewed these Accounting questions

Question

When is the application deadline?

Answered: 1 week ago