Question

Below is the chart of accounts for Myer company.

Charts of Accounts

11. Cash

12. Accounts Receivable

14. Computer Supplies

18. Equipment

21. Accounts payable

23. Notes payable

31. O. Meyer Capital

32. O. Meyer Drawing

41. Fees earned

51. Wages Expense

52. Rent Expense

Journalize the following July transactions for Myer Company

July 2. Received $40,000 from Oscar Meyer, owner

July 5 Purchased $8500 in computer supplies on account

July 10 Paid $5000 for July rent

July 13 Purchased equipment for $41000, paying $25,000 in cash and a note payable for the remainder

July 16 Recorded $3500 of fees earned on account

July 19 Received $11000 in cash for fees earned

July 22 Paid $2000 to creditors on account

July 25 Paid wages of $1300

July 31 Received $900 from customers on account

July 31 Recorded owner's withdrawal on $1000

Answer 1

Journal

July 2	Cash	40,000
	O. Meyer Capital		40,000
July 5	Computer Supplies	8500
	Accounts payable		8500
July 10	Rent Expense	5,000
	Cash		5,000
July 13	Equipment	41,000
	Cash		25,000
	Notes payable		16,000
July 16	Accounts Receivable	3,500
	Fees earned		3,500
July 19	Cash	11,000
	Fees earned		11,000
July 22	Accounts payable	2,000
	Cash		2,000
July 25	Wages Expense	1,300
	Cash		1,300
July 31	Cash	900
	Accounts Receivable		900
July 31	O. Meyer Drawing	1,000
	Cash		1,000

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