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  3. on july 1, 2010, abc co. had a cash balance of $10

On July 1, 2010, ABC co. had a cash balance of $10 000.During July the following...

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Accounting

On July 1, 2010, ABC co. had acash balance of $10 000.During July the following summarytransactions were completed.

1.Received $1,200 cash from customers onaccount.

2.Received $2,400 cash for services performed inJuly.

3.Purchased store equipment on account$3,000.

4.Paid cash $ 2000 for a one – year insurancepolicy.

5.Purchased supplies on account $1,200.

6.Paid creditors $4,400 on account.

7.Performed services on account and billed customers forservices provided $1,500.

8.Signed a contract with Alex company to buy furnitureof $2 000 next month.

9.Received $800 from customers for futureservice.

10.Paid salaries of $ 5 000.

11.Rent of $400 was unpaid at July 31.

Required:

(a) Journalize thetransactions.

(b) Post to the cash ledgeraccount.

Answer & Explanation Solved by verified expert
3.7 Ratings (420 Votes)
Requirement a Prepare the following journal entriesItemAccount Title andExplanationDebitCredit1Cash1200Accounts Receivable1200To record cash collected    See Answer
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