Question
Selected transactions for Sky Real Estate Agency in her first month of business, are as follows. Jan. 2 Invested $20,000 cash in business. 3 Purchased
Selected transactions for Sky Real Estate Agency in her first month of business, are as follows.
Jan. 2 Invested $20,000 cash in business.
3 Purchased car for $5,200 cash for use in business.
9 Purchased supplies on account for $500.
12 Billed customers $2,100 for services performed.
16 Paid $450 cash for advertising.
20 Received $1,300 cash from customers billed on January 12.
23 Paid supplier $300 cash for supplies purchased on January 9.
28 Withdrew $1,500 cash for personal use of owner.
Required:
a. Prepare journal entries to record the above transactions.
b. What is the cash balance on January 31, 2020?
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