Sewn for You had the following transactions in its first week of business. Jessica Johansen started Sewn for You, a seamstress business, by contributing $20,000 and receiving stock in exchange. Paid $2,250 to cover the first three months’ rent. Purchased $500 of sewing supplies. She paid cash for the purchase. Purchased a sewing machine for $1,500 paying $200 cash and signing a note for the balance. Delivered a dress to a customer earning $180. The customer paid cash. Received a $500 down payment to make a wedding dress. Received an electric bill for $125 which is due to be paid in three weeks. Completed an altering job for $45. The customer asked to be billed. Prepare the necessary journal entries to record these transactions. No explanation is required.
Sewn for You had the following transactions in its first week of business. Jessica Johansen started Sewn for You, a seamstress business, by contributing $20,000 and receiving stock in exchange. Paid $2,250 to cover the first three months’ rent. Purchased $500 of sewing supplies. She paid cash for the purchase. Purchased a sewing machine for $1,500 paying $200 cash and signing a note for the balance. Delivered a dress to a customer earning $180. The customer paid cash. Received a $500 down payment to make a wedding dress. Received an electric bill for $125 which is due to be paid in three weeks. Completed an altering job for $45. The customer asked to be billed. Prepare the necessary journal entries to record these transactions. No explanation is required.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Sewn for You had the following transactions in its first week of business.
- Jessica Johansen started Sewn for You, a seamstress business, by contributing $20,000 and receiving stock in exchange.
- Paid $2,250 to cover the first three months’ rent.
- Purchased $500 of sewing supplies. She paid cash for the purchase.
- Purchased a sewing machine for $1,500 paying $200 cash and signing a note for the balance.
- Delivered a dress to a customer earning $180. The customer paid cash.
- Received a $500 down payment to make a wedding dress.
- Received an electric bill for $125 which is due to be paid in three weeks.
- Completed an altering job for $45. The customer asked to be billed.
Prepare the necessary
If an entry is not required for any of these transactions, state this and explain why.
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