preparing journal entries

During the month of January (for simplicity, date all transactions as of 1/31) Viezuchter Co. opened for business on January 2 and at the end of January, Viezuchter Co. prepared invoices for the following repairs and restorations for provided to customers: Repairs to diesel engines $80,000 Restoring cars $5,000 $55,000 of these services were paid by customers in cash with $30,000 paid on credit by a local business who contracted to use Viezuchter's services on credit terms. Garage supplies in the amount of $7,500 were consumed while providing services to customers. On 1/31, Viezuchter Co. paid all outstanding vendor payables for garage supplies according to the terms of credit arrangement