Prepare journal entries to record the transactions during the month of September detailed below. 1. Susan started
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Prepare journal entries to record the transactions during the month of September detailed below.
1. Susan started the business by investing cash of $25,000, equipment with a fair value of $7,000 and painting supplies with a fair value of $1,000.
2. Entered into a painting contract with a client for a total of $3,500 that provided a deposit of $800 prior to commencing any work.
3. Purchased painting supplies for $400 on account.
4. Received cash of $1,500 for painting services rendered.
5. Paid for one year insurance in advance, $2,600.
Related Book For
Introduction to Governmental and Not for Profit Accounting
ISBN: 978-0132776011
7th edition
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton
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