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Reed owns a consulting services company, while Sophie operates an auto maintenance shop. For the month of June, the following transactions occurred. June 2 Sophie
Reed owns a consulting services company, while Sophie operates an auto maintenance shop. For the month of June, the following transactions occurred. June 2 Sophie decides that she would like consulting services at the end of the month and pays Reed $300 in advance. June 5 Sophie provides maintenance services to Reed on account, $175. June 7 Reed borrows $500 from Sophie by signing a note to repay her. June 14 Sophie purchases maintenance supplies from Tap Corporation, paying cash of $250. June 19 Reed pays $175 to Sophie for maintenance services provided on June 5. June 25 Reed pays the utility bill for the month of June, $200. June 28 Sophie receives consulting services from Reed, equaling the amount paid on June 2. June 30 Reed pays $500 to Sophie for money borrowed on June 7. Required: Record each transaction for Reed. Keep in mind that Reed may not need to record all transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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