1) Journalize ach of the following transactions. Assume the following account numbers: Cash: 101; Accounts...

90.2K

Verified Solution

Question

Accounting

1) Journalize ach of the following transactions. Assume the following account numbers: Cash: 101; Accounts Receivable, 110; Supplies, 115; Accounts Payable, 201; Doe, Capital, 301; Doe, Drawing, 302; Landscaping Fees, 401; Utilities Expense, 502; Advertising Expense, 510. The year is 2021. July 1: Doe starts a landscaping business by investing $220,000. July 5: Doe withdraws $1600 from business for personal use. July 7: Doe perform $10,000 worth of services for a client the client makes a $5000 down payment and finances the balance. July 9: Doe purchases supplies for $6000; he makes a down payment of $1000 and finances the balance July 11: Doe pays his Con Edison bill, $500 July 14: Doe pays $1000 for advertising. July 25: Refer to July 7 transaction. The client pays $1000 of the amount owed.

I am mostly unsure of the July 25th and July 31 entries but please do the entire thing so I can check if what I have done makes sense.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students