Journalize the five transactions for Mirmax Tool Rentals described below. Aug. 1 Mirmax purchases two new saws
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Aug. 1 Mirmax purchases two new saws on credit at $375 each. The saws are added to Mirmax's rental inventory. Payment is due in 30 days.
8 Mirmax accepts advance deposits for tool rentals of $75 that will be applied to the cash rental when the tools are returned.
15 Mirmax receives a bill from Macon Utility Company for $150. Payment is due in 30 days.
20Customers are charged $750 by Mirmax for tool rentals. Payment is due from the customers in 30 days.
31Mirmax receives $500 in payments from the customers that were billed for rentals on August 20.
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Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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