Question

Journalize the following transactions for July

Homework: HW #2 Save Score: 0 of 4 pts 7 of 7 (6 complete) HW Score: 58.75%, 5.88 of 10 pts S2-12 (similar to) Question Help Journalize the following transactions. Include dates and a brief explanation for each journal entry. (Click the icon to view the transactions.) Journalize the following transactions for July (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) July 1: Issued common stock for $15,000 Journal Entry X More Info Accounts and Explanations Debit Credit Date Jull Cashi July 1: Issued common stock for $15,000 July 5: Performed services on account for $12,000 July 9: Purchased office supplies on account for $300 July 10: Performed services for cash of $2,800 July 12: Received payment in full for services performed on eboount from July 5 July 24: Paid in full for office supplies purchased on July 9 July 25: Received and paid monthly electric bill of $550 July 30: Signed a note payable to purchase office furniture for $3,500 July 31: Paid monthly payroll of $3.200 Print Done Choose from any list or enter any number in the input fields and then click Check Answer. & parts O remaining Clear All Check Answer

Answer 1

Solution: Date July 1. Account title Cash common stock (To record issue of common stock) Debit Credit 15000 15000 July 5. 12000 Account receivable Service revenue (To record service performed on account) 12000 July 9. 300 Office supplies accounts payable (To record office supplies purchased on account) 300 2800 July 10. Cash Service revenue |(To record service performed for cash) 2800 12000 July 12. Cash Account receivable (To record amount received from customer) 12000 300 July 24. accounts payable Cash (To record amount paid for office supplies) July 25. Utilities expense Cash (To record payment for electricity) 550 July 30. 3500 Office furniture Note payable |(To record office furniture purchased in exchange of note) 3500 3200 July 31. salaries expense Cash (To record payment of payroll expense) 3200