benavny
Oct 1, 2011, 10:32 AM
How would you determine the excess of revenues over expenses?
constantmom
Mar 9, 2013, 04:30 PM
On July 1, 2012, Kim Wheeler established an interior decorating business, Aztec Designs. During the month, Kim completed the following transactions related to the business.
Jul.
1
Kim transferred cash from a personal bank account to an account to be used for the business in exchange for capital stock, $ 22,700.
4
Paid rent for period of July 4 to end of month, $ 2,200.
10
Purchased a used truck for $ 19,000, paying $ 2,000 cash and giving a note payable for the remainder.
13
Purchased equipment on account, $ 8,850.
14
Purchased supplies for cash, $ 1,520.
15
Paid annual premiums on property and casualty insurance, $ 3,410.
15
Received cash for job completed, $ 9,530.
21
Paid creditor a portion of the amount owed for equipment purchased on July 13, $ 3,160.
24
Recorded jobs completed on account and sent invoices to customers, $ 10,850.
26
Received an invoice for truck expenses, to be paid in August, $ 1,000.
27
Paid utilities expense, $ 1,140.
27
Paid miscellaneous expenses, $ 410.
29
Received cash from customers on account, $ 4,540.
30
Paid wages of employees, $ 3,020.
31
Paid dividends, $ 2,520.
pready
Mar 10, 2013, 09:00 AM
These are simple journalizing transactions. What is your question? Or do you not know how to journalize a simple transaction.