Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions during July 2020, its first month of operations: July 1 The owner, Manny Gill, invested $5,200 cash. 10 Purchased $2,700 worth of security equipment on credit. 12 Performed security services for a sold-out concert and received $12,000 cash from the client. 14 Paid for expenses; $3,700. 15 Completed security services for a graduation event and sent the client a bill for $1,600. 31 The owner withdrew $270 cash for personal use. Required: 2. Record the journal entries for the month of July.
Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions during July 2020, its first month of operations: July 1 The owner, Manny Gill, invested $5,200 cash. 10 Purchased $2,700 worth of security equipment on credit. 12 Performed security services for a sold-out concert and received $12,000 cash from the client. 14 Paid for expenses; $3,700. 15 Completed security services for a graduation event and sent the client a bill for $1,600. 31 The owner withdrew $270 cash for personal use. Required: 2. Record the journal entries for the month of July.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
9
Transcribed Image Text:Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure
incurred the following transactions during July 2020, its first month of operations:
July 1 The owner, Manny Gill, invested $5,200 cash.
10 Purchased $2,700 worth of security equipment on credit.
12 Performed security services for a sold-out concert and received $12,000 cash from the
client.
14 Paid for expenses; $3,700.
15 Completed security services for a graduation event and sent the client a bill for
$1,600.
31 The owner withdrew $270 cash for personal use.
Required:
2. Record the journal entries for the month of July.
Transcribed Image Text:1. Record the investment by owner.
2. Record the purchased equipment on
credit.
3.Record the performed services for cash.
4.Record the paid expenses.
5. Record the completed services on
account.
6. Record the owner withdrew cash
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education