Christina Reis is a photographer who owns Lola Lemon Photography. This is the first month of operations.The
Question:
Christina Reis is a photographer who owns Lola Lemon Photography. This is the first month of operations. The following are the transactions for the month of September.
a. On September 1, Reis invested $15,000 cash into her new business.
b. On September 12, purchased $2,000 of equipment (cameras) on credit.
c. On September 13, purchased $500 of equipment (lighting), paying cash.
d. On September 18, photographed an engagement session for $1,000; collected cash.
e. On September 21, photographed a family session for $700 on credit.
f. On September 26, paid $1,000 regarding (b).
g. On September 29, collected $300 regarding (e).
2. Precision Laser Centres showed the following selected activities during the month of April 2020.
April | 5 | Performed surgery on a customer today and collected $4,200 cash. |
| 8 | Purchased surgical supplies on credit; $18,600. |
| 10 | Contacted a client’s lawyer today regarding a complaint about the surgery. The client is planning to sue for $120,000. |
| 18 | Paid salaries; $37,000. |
| 20 | Performed five surgeries today, all on credit; $4,000 each. |
| 21 | Paid for the surgical supplies purchased on April 8. |
| 22 | Paid the April utilities bill today; $1,600. |
| 29 | Collected from three of the credit customers of April 20. |
Record the journal entries for the above transactions.
Required:
2. Record the journal entries for the month of July.
Prepare a trial balance
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian Edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann