Dina Deeba is the owner of North Services. The following transactions need to be recorded for his
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Dina Deeba is the owner of North Services. The following transactions need to be recorded for his business during the 4 first month of operations.
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Received maintenance bill for $650 to be patnext month. July 2 July 3 Received $2,700 cash for services provided. July 4 Borrowed $8,000 from the bank. July 6 Provided services worth $6,400 to a customer on account. July 10 Prepaid $1,800 cash for insurance for one year. July 11 Paid $50 cash for telephone expenses for the month. July 14 Paid $130 cash to reduce the balance of accounts payable. July 15 Received a deposit of $3,500 from a customer for services to be provided in the future. July 20 Collected $3,200 cash from customers owing on account. July 21 The owner withdrew $800 cash from the business for personal use. Required: Journalize the transactions for North Services. JOURNAL Page 1 Date Account Titles Debit Credit Received maintenance bill for $650 to be patnext month. July 2 July 3 Received $2,700 cash for services provided. July 4 Borrowed $8,000 from the bank. July 6 Provided services worth $6,400 to a customer on account. July 10 Prepaid $1,800 cash for insurance for one year. July 11 Paid $50 cash for telephone expenses for the month. July 14 Paid $130 cash to reduce the balance of accounts payable. July 15 Received a deposit of $3,500 from a customer for services to be provided in the future. July 20 Collected $3,200 cash from customers owing on account. July 21 The owner withdrew $800 cash from the business for personal use. Required: Journalize the transactions for North Services. JOURNAL Page 1 Date Account Titles Debit Credit Received maintenance bill for $650 to be patnext month. July 2 July 3 Received $2,700 cash for services provided. July 4 Borrowed $8,000 from the bank. July 6 Provided services worth $6,400 to a customer on account. July 10 Prepaid $1,800 cash for insurance for one year. July 11 Paid $50 cash for telephone expenses for the month. July 14 Paid $130 cash to reduce the balance of accounts payable. July 15 Received a deposit of $3,500 from a customer for services to be provided in the future. July 20 Collected $3,200 cash from customers owing on account. July 21 The owner withdrew $800 cash from the business for personal use. Required: Journalize the transactions for North Services. JOURNAL Page 1 Date Account Titles Debit Credit Received maintenance bill for $650 to be patnext month. July 2 July 3 Received $2,700 cash for services provided. July 4 Borrowed $8,000 from the bank. July 6 Provided services worth $6,400 to a customer on account. July 10 Prepaid $1,800 cash for insurance for one year. July 11 Paid $50 cash for telephone expenses for the month. July 14 Paid $130 cash to reduce the balance of accounts payable. July 15 Received a deposit of $3,500 from a customer for services to be provided in the future. July 20 Collected $3,200 cash from customers owing on account. July 21 The owner withdrew $800 cash from the business for personal use. Required: Journalize the transactions for North Services. JOURNAL Page 1 Date Account Titles Debit Credit
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Answer rating: 100% (QA)
Date Account Title Debit Credit Maintenance Expense Accounts Payable To recor... View the full answer
Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
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