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bearhunter [10]
3 years ago
7

Journalize the following selected transactions of Miramax Rentals. Omit explanations.

Business
1 answer:
alexandr1967 [171]3 years ago
8 0

Answer and Explanation:

The journal entries are shown below:

On Aug 1

Inventory  Dr     $850

      To Accounts payable $850

(Being inventory purchased on account)

On Aug 8

Cash Dr     $125

      To Advance deposit a/c $125

(Being cash receipts is recorded)

On Aug 20

Accounts Receivable Dr $1250

         To Rental Revenue  $1250

(Being revenue is recorded)

On Aug 31

Utility expense Dr $180

       To Cash $180

(Being cash paid is recorded)

On Aug 31

Cash Dr $600

      To Accounts Receivable a/c $600

(Being cash received is recorded)

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