After operating for a month Shohei Oda’s DJ services completed the following transactions during July:
Jul 3 The business borrowed $25,000 from the bank, signing a note payable.
9 Performed DJ service for clients on account, $2,900.
16 Received cash on account from clients, $1,200.
22 Received a utility bill, $550, which will be paid during August.
31 Paid the monthly salary to its employee, $1,900.
31 Paid interest expense of $125 on the bank loan.
Using the steps outlined in the five-step transaction analysis, record the transactions in the journal.