Required: Make the necessary journal entries from the information given. Some dates do not require a journal entry. On dates that do not require an entry say no entry required. Omit the journal descriptions. Use the journal paper on the next page to make your journal entries.

2. Dominic Bueno started a delivery business as a sole proprietorship on 7/1/XX. During the month of July the company had the following transactions:

7/1 The owner invested $100,000 in cash into the business checking account. 7/1 Rented a garage with office space for $5,000 per month and paid the first months rent by check.

7/2 A new 2 ton delivery truck was purchased by the company. The total purchase price including taxes, license and fees was $115,000. The company paid $15,000 by check as a down payment and signed a long-term note for five years at an interest rate of 9% per year for the balance that was owed.

7/6 The company purchased a desktop computer and a printer for a total price of $1,150 and paid by check for the computer equipment.

7/8 Picked up and delivered machinery for a client. Billed $350 for the delivery service with terms due on receipt.

7/10 Received a bill for legal services in the amount of $1,200. 7/12 Entered into a $125,000 one year contract with a client to provide delivery services.

7/14 Received the amount owed from the 7/8 transaction.

7/15 Picked up and delivered furniture for a client and billed the client $565 with terms of due on receipt.

7/15 Wrote a check to Mr. Bueno for personal use in the amount of $2,000.

7/18 Purchased diesel fuel from a bulk fuel distributor on credit. The total amount owed for the fuel was $579 which the company will receive a bill for at the end of the month.

7/21 Delivered machinery under the terms of the contract signed on 7/12. The contract terms required that any amounts owed for delivery services will be billed for at the end of each month with terms of net 30 days.

7/31 Received the bill for the purchase of diesel fuel on 7/18 with terms of net 30 days.

7/31 Received a utility Bill in the amount of $475 and paid the bill immediately by check.

7/31 Billed the client for the delivery service provided on 7/21 in the amount of $2,100.