Question

During the first month of​ operations, ​, ​Inc., completed the following​ transactions:

Answer 1

Answer:

General Ledger

Jul 2

Cash $68,000 (debit)

Common Stock $68,000 (credit)

Cash received in exchange for common stock

Jul 3

Supplies $700 (debit)

Equipment $11,800 (debit)

Accounts Payable $12,500 (credit)

Supplies and Equipment purchased on credit

Jul 4

Cash $5,400 (debit)

Service Revenue $5,400 (credit)

Cash received for service rendered

Jul 7

Land $33,000 (debit)

Cash $33,000 (credit)

Cash paid for acquisition of Land

Jul 11

Accounts Receivable $4.100 (debit)

Service Revenue $4.100 (credit)

Service rendered on credit

Jul 16

Accounts Payable $11,800 (debit)

Cash $11,800 (credit)

Settlement of Account Receivable

Jul 17

Advertising Expense $570 (debit)

Cash $570 (credit)

Cash paid for Advertising

Jul 18

Cash $2,000 (debit)

Account Receivable $2,000 (credit)

Cash received from Account Receivable

Jul 22

Water and Electricity Expenses $400 (debit)

Cash $400 (credit)

Cash paid for utilities

Jul 29

Cash $2.700 (debit)

Service Revenue $2.700 (credit)

Cash received for Services Rendered

Jul 31

Salaries Expenses $2,300 (debit)

Cash $2,300 (credit)

Cash paid for Salaries

Jul 2

Dividends $2,500 (debit)

Cash $2,500 (credit)

Dividends paid in cash

Explanation:

See the Journals and narrations that i have prepared above.