Following are the transactions for Valdez Services.
a. The company paid $2,000 cash for payment on a 6 -month-old account payable for office supplies.
b. The company paid $1,200 cash for the just completed two-week salary of the receptionist.
c. The company paid $39,000 cash for equipment purchased.
d. The company paid $800 cash for this month's utilities.
e. Owner (B. Valdez) withdrew $4,500 cash from the company for personal use.
1. Prepare general journal entries for the above transactions of Valdez Services.
Homework Answers
| Debit | Credit | ||
| 1 | Accounts payable | 2000 | |
| Cash | 2000 | ||
| 2 | Salaries expense | 1200 | |
| Cash | 1200 | ||
| 3 | Equipment | 39000 | |
| Cash | 39000 | ||
| 4 | Utilities expense | 800 | |
| Cash | 800 | ||
| 5 | B. Valdez, Withdrawals | 4500 | |
| Cash | 4500 |
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