On July 1, 2010, ABC co. had a cash balance of $10 000.During July the following...

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Accounting

On July 1, 2010, ABC co. had acash balance of $10 000.During July the following summarytransactions were completed.
1.Received $1,200 cash from customers onaccount.
2.Received $2,400 cash for services performed inJuly.
3.Purchased store equipment on account$3,000.
4.Paid cash $ 2000 for a one – year insurancepolicy.
5.Purchased supplies on account $1,200.
6.Paid creditors $4,400 on account.
7.Performed services on account and billed customers forservices provided $1,500.
8.Signed a contract with Alex company to buy furnitureof $2 000 next month.
9.Received $800 from customers for futureservice.
10.Paid salaries of $ 5 000.
11.Rent of $400 was unpaid at July 31.
Required:
(a) Journalize thetransactions.
(b) Post to the cash ledgeraccount.

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Requirement a Prepare the following journal entriesItemAccount Title andExplanationDebitCredit1Cash1200Accounts Receivable1200To record cash collected See Answer

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