Requirement #1: During its first month of operation, the True Consulting Corporation, which specializes in management consulting. completed the following transactions. July 1 Issued 15,000 shares of the company's common stock in exchange for $15,000. July 3 Purchased a truck for $8,000. A down payment of $3,000 was made, with the balance on account. July 5 Paid $1,200 to cover rent from July 1 through September 30. July 7 Purchased $2,000 of supplies on account. July 10 Billed customers for consulting services performed, $3,700. July 14 Paid $500 toward the amount owed for the supplies purchased on July 7. July 15 Paid $1750 in cash for employee wages. July 19 Collected $1600 in cash from customers that were billed on July 10. July 21 Received $4,200 cash from customers for services performed. July 31 Paid $350 in cash for truck repairs. July 31 Declared and Paid $700 in cash dividends. Prepare journal entries to record the July transactions in the General Journal below.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question
100%

Prepare journal entries to record the July transactions

AutoSave Off H2C
Paste
File
5
6
7
8
Clipboard
X
B
July 1
July 3
9 July 5
10
Home Insert Page Layout Formulas Data Review View
11 July 7
12
13 July 10
14
15 July 14
16
17 July 15
18
19 July 19
20
21 July 21
22
23 July 31
24
Ready
E
A
25 July 31
26
Arial
BIU H
X
G44
11 A
B
1 Requirement #1:
2 During its first month of operation, the True Consulting Corporation, which specializes in management consulting,
3 completed the following transactions.
4
с
✓ 10
Font
fxx
Accessibility: Investigate
ACCT503_W4_Case Study3-052022a1 ✓
D
Type here to search
✓ A^ A
A
5
==
E
ab Wrap Text
====Merge & Center
Alignment
F
G
27 Prepare journal entries to record the July transactions in the General Journal below.
Instructions
E:
H
Search
Automate Help
H
Issued 15,000 shares of the company's common stock in exchange for $15,000.
Purchased a truck for $8,000. A down payment of $3,000 was made, with the balance on account.
Paid $1,200 to cover rent from July 1 through September 30.
Purchased $2,000 of supplies on account.
Billed customers for consulting services performed, $3,700.
Paid $500 toward the amount owed for the supplies purchased on July 7.
Paid $1750 in cash for employee wages.
Collected $1600 in cash from customers that were billed on July 10.
Received $4,200 cash from customers for services performed.
Paid $350 in cash for truck repairs.
Declared and Paid $700 in cash dividends.
17
General
T
$ % 950 000
Journal Entries General Ledger Trial Balance Adjusting Entries
J
Number
K
Cell
Conditional Format as
Formatting Table Styles
Styles
L
T
ST
Frakes, Brittany
M
=
Insert Delete Format
Cells
Use the following account names for journal entries.
Adjusted Trial Balance Financial Statements Closing Entries
WÉ
B
F
N
Comments
AY
0
Sort & Find &
Filter ✓ Select
Editing
O
Post-Closing Trial Bala ...
4x
Share ✔
O
IN
Analyze
Data
Analysis
P
9:39 PM
3/22/2023
> I
+ 100%
Transcribed Image Text:AutoSave Off H2C Paste File 5 6 7 8 Clipboard X B July 1 July 3 9 July 5 10 Home Insert Page Layout Formulas Data Review View 11 July 7 12 13 July 10 14 15 July 14 16 17 July 15 18 19 July 19 20 21 July 21 22 23 July 31 24 Ready E A 25 July 31 26 Arial BIU H X G44 11 A B 1 Requirement #1: 2 During its first month of operation, the True Consulting Corporation, which specializes in management consulting, 3 completed the following transactions. 4 с ✓ 10 Font fxx Accessibility: Investigate ACCT503_W4_Case Study3-052022a1 ✓ D Type here to search ✓ A^ A A 5 == E ab Wrap Text ====Merge & Center Alignment F G 27 Prepare journal entries to record the July transactions in the General Journal below. Instructions E: H Search Automate Help H Issued 15,000 shares of the company's common stock in exchange for $15,000. Purchased a truck for $8,000. A down payment of $3,000 was made, with the balance on account. Paid $1,200 to cover rent from July 1 through September 30. Purchased $2,000 of supplies on account. Billed customers for consulting services performed, $3,700. Paid $500 toward the amount owed for the supplies purchased on July 7. Paid $1750 in cash for employee wages. Collected $1600 in cash from customers that were billed on July 10. Received $4,200 cash from customers for services performed. Paid $350 in cash for truck repairs. Declared and Paid $700 in cash dividends. 17 General T $ % 950 000 Journal Entries General Ledger Trial Balance Adjusting Entries J Number K Cell Conditional Format as Formatting Table Styles Styles L T ST Frakes, Brittany M = Insert Delete Format Cells Use the following account names for journal entries. Adjusted Trial Balance Financial Statements Closing Entries WÉ B F N Comments AY 0 Sort & Find & Filter ✓ Select Editing O Post-Closing Trial Bala ... 4x Share ✔ O IN Analyze Data Analysis P 9:39 PM 3/22/2023 > I + 100%
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
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
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education