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Take me to the textShangri-La Spa is a sole proprietorship owned by Nikita Kalsi. The...

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Accounting

Take me to the textShangri-La Spa is a sole proprietorship owned by Nikita Kalsi. The company provides a relaxing retreat for people wishing to relax and unwind. During the month of July 2016, the following transactions took place.Jul 1 Provided services to a customer on account worth $3,930.Jul 4 Borrowed $4,000 cash from the bankJul 5 Provided services to a customer and received cash of $2,820Jul B Received the telephone bill for $220 which will be paid later.Jul 9 Paid $7,950 cash to reduce the amount owed to a supplier Jul 11 Collected $1,450 cash from customers owing on account.Jul 14 Paid the telephone bill from July 8.Jul 15 Paid a portion of the bank loan principal with $2,000 cash.Jul 18 Paid rent for the month with $2,370 cashJul 27 Purchased equipment for $1,750 which will be paid laterPrepare the journal entries for the above transactions.Do not enter dollar signs or commas in the input boxes,Date2016M1Account Title and ExplanationDebitCreditTo record services on accountQ Seaichhp30

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