I need to put this as a journal entriesJuly 1Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock.July 1Paid the premium on a 1-year insurance policy, $4,800.July 1Paid the current month's store rent expense, $3,600.July 6Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account. July 8Purchased repair supplies from Mary's Repair Company on credit, $450.July 10Paid telephone bill, $300.July 11Cash pool service revenue for the first third of July, $2,650.July 18Made payment to Mary's Repair Company, $300.July 20Cash pool service revenue for the second third of July, $4,000.July 31Cash pool service revenue for the last third of July, $2,250.July 31Paid the current month's electric bill, $500.July 31Declared and paid cash dividend of $1,100.

Name: I need to put this as a journal entriesJuly 1Began business by making
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: I need to put this as a journal entriesJuly 1Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock.July 1Paid the premium on a 1-year insurance policy, $4,800.July 1Paid th

The journal entries are prepared to keep the record of day to day transactions of the business.

Answered: put this as a journal entries July 1…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

I need to put this as a journal entries

July 1	Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock.
July 1	Paid the premium on a 1-year insurance policy, $4,800.
July 1	Paid the current month's store rent expense, $3,600.
July 6	Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account.
July 8	Purchased repair supplies from Mary's Repair Company on credit, $450.
July 10	Paid telephone bill, $300.
July 11	Cash pool service revenue for the first third of July, $2,650.
July 18	Made payment to Mary's Repair Company, $300.
July 20	Cash pool service revenue for the second third of July, $4,000.
July 31	Cash pool service revenue for the last third of July, $2,250.
July 31	Paid the current month's electric bill, $500.
July 31	Declared and paid cash dividend of $1,100.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

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.

Similar questions