Answer:
Explanation:
The journal entries are shown below:
On July 4:
Accounts receivable A/c Dr $7,245
To Service revenue A/c $7,245
(Being service provided is recorded)
Cost of goods sold A/c Dr $5,000
To Merchandise inventory A/c $5,000
(Being inventory sold at cost)
On July 9:
Cash A/c Dr $19,200
Factory fee expense A/c Dr $800
To Accounts receivable A/c $20,000
(Being payment is received)
On July 17:
Cash A/c Dr $5,859
To Accounts receivable A/c $5,859
(Being cash is received)
On July 27:
Cash A/c Dr $10,000
To Notes payable A/c $10,000
(Being the amount is borrowed)
No journal entry required
