Question: Reed owns a consulting company while Sophie operates a maintenance

Reed owns a consulting company, while Sophie operates a maintenance shop. For the month of June, the following transactions occurred.
June 2 Sophie decides that she would like consulting at the end of the month and pays Reed $300 in advance.
June 5 Sophie provides maintenance to Reed on account, $175.
June 7 Reed borrows $500 from Sophie by signing a note.
June 14 Sophie purchases maintenance supplies from Tap Corporation, paying cash of $250.
June 19 Reed pays $225 to Sophie for maintenance provided on June 5.
June 25 Reed pays the utility bill for the month of June, $200.
June 28 Sophie receives consulting from Reed equaling the amount paid on June 2.
June 30 Reed pays $500 to Sophie for money borrowed on June 7.

Record each transaction for Reed. Keep in mind that Reed may not need to record all transactions.

Sale on SolutionInn
  • CreatedJuly 15, 2014
  • Files Included
Post your question