1 Owner invested $14,900cash in the company. 1 Purchased used truck for $9,920, paying $2,480cash and the balance on account. 3 Purchased cleaning supplies for $1,120on account. 5 Paid $2,280cash on a 1-year insurance policy effective July 1. 12 Billed customers $4,590for cleaning services performed. 18 Paid $1,240cash on amount owed on truck and $620on amount owed on cleaning supplies. 20 Paid $2,480cash for employee salaries. 21 Collected $1,980cash from customers billed on July 12. 25 Billed customers $3,100for cleaning services performed. 31 Paid $360for maintenance of the truck during month. 31 Owner withdrew $740cash from the company.

1 Owner invested $14,900cash in the company. 1 Purchased used truck for $9,920, paying $2,480cash and the balance on account. 3 Purchased cleaning supplies for $1,120on account. 5 Paid $2,280cash on a...

1		Owner invested $14,900cash in the company.
1		Purchased used truck for $9,920, paying $2,480cash and the balance on account.
3		Purchased cleaning supplies for $1,120on account.
5		Paid $2,280cash on a 1-year insurance policy effective July 1.
12		Billed customers $4,590for cleaning services performed.
18		Paid $1,240cash on amount owed on truck and $620on amount owed on cleaning supplies.
20		Paid $2,480cash for employee salaries.
21		Collected $1,980cash from customers billed on July 12.
25		Billed customers $3,100for cleaning services performed.
31		Paid $360for maintenance of the truck during month.
31		Owner withdrew $740cash from the company.

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Answered Same DayMay 10, 2021

Answer To: 1 Owner invested $14,900cash in the company. 1 Purchased used truck for $9,920, paying $2,480cash...

Bhavani answered on May 11 2021

143 Votes

Journal entries
    Date
     Account name and Explanation
     Debit
    Credit
    July 1
    Cash
    $14,900


     Owner’s Capital

    $14,900

    (To record cash investment into the company)






    July 1
    Truck
    $9920


     Cash

    $2480

     Accounts payable

    $7440

    ( To record purchase used truck)






    July 3
    Supplies / Cleaning supplies
    $1120


     Accounts payable

    $1120

    (To record purchase of supplies on account)






    July 5
    Prepaid Insurance
    $2280


     Cash

    $2280

    (To record purchase of insurance policy )






    July 12
    Accounts receivable
    $4590


     Service revenue

    $4590

    (To record of cleaning services performed)






    July 18
    Accounts payable
    $1860


     Cash

    $1860

    (To record of cash paid on amount owed)






    July 20
    Salaries expense
    $2480


     ...

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1 Owner invested $14,900cash in the company. 1 Purchased used truck for $9,920, paying $2,480cash and the balance on account. 3 Purchased cleaning supplies for $1,120on account. 5 Paid $2,280cash on a...

Answer To: 1 Owner invested $14,900cash in the company. 1 Purchased used truck for $9,920, paying $2,480cash...

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