Question

Journalize the following transactions. Include dates and a brief explanation for each journal entry. (Click the icon to view the transactions.) Journalize the following transactions for July. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Check your spelling carefully and do not abbreviate.) July 1: Issued common stock for $14,000 Journal Entry Accounts and Explanations Credit Date Debit Jul July 5: Performed services on account for $12,000

Answer 1

Journalize the following transactions for July? Answer: Credit Journal Entry Date Accounts and Explanations Debit Jul-01 Cash a/c $ 14,000.00 To Common stock a/c (To record issue of common stock for cash) $ 14,000.00 $ 12,000.00 $ 12,000.00 Jul-05 Accounts receivable a/c To Service revenue a/c (To record services performed on account) $ 1,100.00 $ 1,100.00 Jul-09 Office supplies a/c To Accounts payable a/c (To record office supplies purchased on account) $ 2,500.00 $ 2,500.00 Jul-10 Cash a/c To Service revenue a/c (To record services performed for cash) $ 12,000.00 $ 12,000.00 Jul-12 Cash a/c To Accounts receivable a/c (To record cash received for services performed on account on July 05)

$ 1,100.00 $ 1,100.00 Jul-24 Accounts payable a/c To cash a/c (To record cash paid for office supplies purchased on account on July 09) $ 500.00 Jul-25 Utilities expense a/c To cash a/c (To record electricity bill paid) $ 500.00 $ 1,000.00 $ 1,000.00 Jul-30 Office furniture a/c To Note payable a/c (To record furniture purchased through note) $ 3,900.00 $ 3,900.00 Jul-31 Salaries expense a/c To cash a/c (To record monthly payroll expense) Please give thumbsup button if this solution helped. If you need any further explanation, kindly request in the comment section, glad to be helpful.