- journal entries - Ledger account - balance each account - financial statement
ID: 2519855 • Letter: #
Question
- journal entries - Ledger account - balance each account - financial statement 1. (40 points) On July 2, you started a new company to paint metal products. You hope to receive business from local companies that need their metal products painted. The following transactions occurred during the month of July. Write so that you can do your work on the front and back of these pages July Received $38,000 cash from investors Received $5,600 cash for products painted for a local company Paid $1200 for paint supplies Painted more metal parts, and billed the customer for 56,200. The money will be received in August Paid $900 for maintenance expenses Purchased painting equipment for $8,500. This was purchased with a down payment of $2,000 with the remaining balance due next month Paid utility bills of $350 Paid $1,700 in salaries. 10 14 18 23 24 29
Explanation / Answer
Journal Entries
Cash account
Common stock
38,000
38,000
Cash
Service Revenue
5600
5600
Paint supplies
Cash
1200
1200
Accounts receivable
Service revenue
6200
6200
Maintenance expenses
Cash
900
900
Equipment
Cash
Accounts payable
8500
2000
6500
Utility
Cash
350
350
Salaries
Cash
1700
1700
Ledger Accounts
July 2 $38000
Balance $38000
Cash Account
July 6 $38000
July 6 $5600
Balance $37450
July 10 $1200
July 18 $900
July 23 $2000
July 24 $350
July 29 $1700
Service Revenue
July 6 $5600
July 14 $6200
Balance $11800
Supplies account
July 10 $1200
Balance $1200
Accounts receivable
July 14 $6200
Balance $6200
Maintenance expenses
July 18 $900
Balance $900
Equipment
July 23 $2000
July 23 $6500
Balance $8500
Accounts payable
July 23 $6500
Balance $6500
Utility expenses
July 24 $350
Balance $350
Salary
July 29 $1700
Balance $1700
2Cash account
Common stock
38,000
38,000
6Cash
Service Revenue
5600
5600
10Paint supplies
Cash
1200
1200
14Accounts receivable
Service revenue
6200
6200
18Maintenance expenses
Cash
900
900
23Equipment
Cash
Accounts payable
8500
2000
6500
24Utility
Cash
350
350
29Salaries
Cash
1700
1700
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