The following are the transactions of Lowe's Repair Service for the month of June 201X. Journalize the transactions in proper form. The chart of accounts includes Cash; Accounts Receivable; Prepaid Rent; Repair Supplies; Repair Equipment; Accounts Payable; A. Lowe, Capital; A. Lowe, Withdrawals; Repair Fees Earned; Salaries Expense; Advertising Expense; and Supplies Expense. June 1 A. Lowe invested $7,000 cash and $5,000 of repair equipment in the business. 1 Paid two months' rent in advance, $1,200. 4 Bought repair supplies from Melvin Co. on account, $600. (These supplies have not yet been consumed or used up.) 15 Performed repair work, received $600 in cash, and had to bill Doe Co. for remaining balance of $300. 18 A. Lowe paid his home telephone bill, $50, with a check from the company. 20 Advertising bill for $400 from Jones Co. received but payment not due yet. (Advertising has already appeared in the newspaper.) 24 Paid salaries, $1,400.

The following are the transactions of Lowe's Repair Service for the month of June 201X. Journalize the transactions in proper form. The chart of accounts includes Cash; Accounts Receivable; Prepaid Rent; Repair Supplies; Repair Equipment; Accounts Payable; A. Lowe, Capital; A. Lowe, Withdrawals; Repair Fees Earned; Salaries Expense; Advertising Expense; and Supplies Expense. June 1 A. Lowe invested $7,000 cash and $5,000 of repair equipment in the business. 1 Paid two months' rent in advance, $1,200. 4 Bought repair supplies from Melvin Co. on account, $600. (These supplies have not yet been consumed or used up.) 15 Performed repair work, received $600 in cash, and had to bill Doe Co. for remaining balance of $300. 18 A. Lowe paid his home telephone bill, $50, with a check from the company. 20 Advertising bill for $400 from Jones Co. received but payment not due yet. (Advertising has already appeared in the newspaper.) 24 Paid salaries, $1,400.

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Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 5PB: The transactions completed by AM Express Company during March, the first month of the fiscal year,...

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