journal entry

Homework Review Problem - Journal Entries Please prepare journal entries for the following transactions for the month of July for ABC Co. The company has been operating for several months. 7/1 Paid $1,000 for the current month's rent. 7/3 Collected $1750 accounts receivable from XYZ Co. 7/6 Received $325 utility bill due 7/31. 7/9 Provided $1,500 of service to T Co. Collected $500 cash, balance on account. 7/14 Purchased equipment that cost $2,500. Paid $1000, signed a 6 month 5% note payable for the balance. 7/15 Hired 2 employees to begin work on 7/23. Salaries of $2,000 will be paid on 7/30. 7/17 The owner withdrew $1800 for personal use. 7/20 Accepted a $500 deposit (advance) from H Co. for service to be provided in August 7/23 Paid $600 cash for a 1 year Insurance policy to Ace Insurance Co. 7/30 Paid $2,000 salaries to employees. 7/31 Paid utility bill received on 7/6, $325. 1 1 2