Question

umalize the transactions shown in Table P4.2 for Tip Top Associates, Inc., incurred during the month of July 20XX (assume accrual basis), TABLE P4.2 Transactions for Tip Top Associates 6-Jul 10-Jul 12-Jul $12.000 250 3,500 Initializing capital deposited in bank Office supplies purchased Purchase computer (paying $1000 with balance on account) Office rent Billing to Jones County Board of Education Salaries employee payroll Paid on account for computer Cost of expended supplies 15-Jul 20-Jul 25-Jul 28-Jul 30.Jul 425 1.255 655 800 145

Answer 1

Journal Entries
Date	Particulars			Debit	Credit
6-Jul	Cash			$ 12,000.00
	To Capital				$ 12,000.00
10-Jul	Office Supplies			$      250.00
	To Cash				$      250.00
12-Jul	Computer Equipment			$   3,500.00
	To Accounts Payable				$   2,500.00
	To Cash				$   1,000.00
15-Jul	Rent Expense			$      425.00
	To Cash				$      425.00
20-Jul	Accounts Receivable			$   1,255.00
	To Service Revenue				$   1,255.00
25-Jul	Salaries Expense			$      655.00
	To Cash				$      655.00
28-Jul	Accounts Payable			$      800.00
	To Cash				$      800.00
30-Jul	Supplies Expense			$      145.00
	To Supplies				$      145.00