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. If an entry is not required for any of these transactions, state this and explain why.

The journal keeps the record for daily transactions of the business.

Answered: Sewn for You had the following…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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.

If an entry is not required for any of these transactions, state this and explain why.

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