journal entries

Project Description:

journalizing and posting transactions benito mendez opened mendez appraisals. he rented office space and has a part-time secretary to answer the telephone and make appraisal appointments. his chart of accounts is as follows:

mendez's transactions for the first month of business are as follows:

may 1 mendez invested cash in the business, $5,000.

2 paid rent, $500.

3 purchased office supplies, $100.

4 purchased office equipment on account, $2,000.

5 received cash for services rendered, $280.

8 paid telephone bill, $38.

9 paid electric bill, $42.

10 received cash for services rendered, $310.

13 paid part-time employee, $500.

14 paid car rental for out-of-town trip, $200.

15 paid for newspaper ad, $30.

18 received cash for services rendered, $620.

19 paid mileage reimbursement for part-time employee's use of personal car for business deliveries (transportation expense), $22.

21 mendez withdrew cash for personal use, $50.

23 made payment on account for office equipment purchased earlier, $200.

24 earned appraisal fee, which will be paid in a week, $500.

26 paid for newspaper ad, $30.

27 paid for local softball team sponsorship (miscellaneous expense), $15.

28 paid part-time employee, $500.

29 received cash on account, $250.

30 received cash for services rendered, $280.

31 paid cab fare (transportation expense), $13.

required (heintz 123-124)
heintz, james a., robert w. parry. college accounting, chapters 1-27, 20th edition. south-western, 2014-02-10. _vbk:1111505500#outline(4.13)_.
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