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QUESTION 2 Record the following selected transactions for October as journal entries for Sam Co.: Jan. 1 auw Received cash fr
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Answer #1
Date Description Debit Credit
Jan 1 Cash $10,000
Owner's capital - Sam $10,000
(Being capital invested)
Jan 2 Cash $9,500
Service revenue $9,500
(Being cash received from services)
Jan 3 Accounts receivable $6,500
Service revenue $6,500
(Being services provided on account)
4 Rent expense $600
Cash $600
(rent expense paid)
5 Cash $2,500
Accounts receivable $2,500
(Being cash received on account)
6 Drawings $1,000
Cash $1,000
(Being drawings made by Sam)
7 Accounts payable $900
Cash $900
(Being accounts payable paid)
8 Telephone expense $300
Cash $300
(Being telephone expense paid)
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