July 1
|
Issued 10,100 shares of common stock for $10,100 cash. | ||
---|---|---|---|
1
|
Purchased used truck for $6,720, paying $1,680 cash and the balance on account. | ||
3
|
Purchased cleaning supplies for $760 on account. |
||
5
|
Paid
$1,560 cash on a 1-year insurance
policy effective July 1. |
||
12
|
Billed
customers $3,110 for cleaning
services performed. |
||
18
|
Paid $840 cash on amount owed on truck and $420 on amount owed on cleaning supplies. | ||
20
|
Paid
$1,680 cash for employee
salaries. |
||
21
|
Collected $1,340 cash from
customers billed on July 12. |
||
25
|
Billed
customers $2,100 for cleaning
services performed. |
||
31
|
Paid
$240 for maintenance of the truck
during month. |
||
31
|
Declared and paid $500 cash dividend. |
Journal entries of transactions
Date | Account titles and explanation | Debit $ | Credit $ |
July 1 | Cash | 10,100 | |
Common stock | 10,100 | ||
July 1 | Equipment (truck) | 6720 | |
Cash | 1680 | ||
Accounts payable | 5040 | ||
July 3 | Supplies | 760 | |
Accounts payable | 760 | ||
July 5 | Prepaid insurance | 1560 | |
Cash | 1560 | ||
July 12 | Accounts receivable | 3110 | |
Service revenue | 3110 | ||
July 18 | Accounts payable($840+$420) | 1260 | |
Cash | 1260 | ||
July 20 | Salaries and wages expenses | 1680 | |
Cash | 1680 | ||
July 21 | Cash | 1340 | |
Accounts receivable | 1340 | ||
July 25 | Accounts receivable | 2100 | |
Service revenue | 2100 | ||
July 31 | Maintainance and repairs expenses | 240 | |
Cash | 240 | ||
July 31 | Dividends | 500 | |
Cash | 500 |
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