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2. In good form, please record journal entries for the following transactions for the month of September.

2. In good form, please record journal entries for the following transactions for the month of September.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please answer in detail explanation for each entry
2. In good form, please record journal entries for the following transactions for the month of September. Sam Harley opened a travel agency called "Harley Travel" by investing $50,000. Paid $1,200 for the current months rent. 9/10 Purchased office equip for S8,000 from Zen Co. Paid $3000 and the balance on account. 9/15 Hired a receptionist to be paid S800 every other Friday. 9/17 Purchased 12-month insurance policy from Ace Insurance and paid $600. 9/20 Provided $1,000 of service to Bond Co, collected $250 cash with the balance on account. 9/22 Paid for balance $5,000 due on equipment purchased from Zen Co on 9/10. 9/25 Collected $500 in advance as a deposit from May Co. for future travel. 9/28 Received a telephone bill from Spectrum Wireless for $300, due by 10/14. 9/29 Collected $750 balance due from Bond Co for services provided on 9/20. 9/30 Paid receptionist bi-weekly salary $800. 9/30 Harley withdrew $1,500 from the business for personal use. 9/2
Transcribed Image Text:2. In good form, please record journal entries for the following transactions for the month of September. Sam Harley opened a travel agency called "Harley Travel" by investing $50,000. Paid $1,200 for the current months rent. 9/10 Purchased office equip for S8,000 from Zen Co. Paid $3000 and the balance on account. 9/15 Hired a receptionist to be paid S800 every other Friday. 9/17 Purchased 12-month insurance policy from Ace Insurance and paid $600. 9/20 Provided $1,000 of service to Bond Co, collected $250 cash with the balance on account. 9/22 Paid for balance $5,000 due on equipment purchased from Zen Co on 9/10. 9/25 Collected $500 in advance as a deposit from May Co. for future travel. 9/28 Received a telephone bill from Spectrum Wireless for $300, due by 10/14. 9/29 Collected $750 balance due from Bond Co for services provided on 9/20. 9/30 Paid receptionist bi-weekly salary $800. 9/30 Harley withdrew $1,500 from the business for personal use. 9/2
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