Can anyone please help me with this problem. I tried and tried. :mad:
July 1. Bills are sent to clients for services provided in June in the amount of $800.
July 8. First Bank loans the company $2,500. The company will pay back the loan in August.
July 9. Office Supply Corp. delivers furniture ($1,060) and expendable office supplies ($160) to Random, leaving an invoice for $1,220.
July 15. Payment is made to Office Supply Corp. for the furniture and office supplies delivered on July 9.
July 23. A $430 bill for electricity for the month of June is received and will be paid on its due date in August.
July 31. Salaries are paid to employees in the amount of $850.
This is my working: What am I doing incorrect
July 1 – cash – 800 (debit) Retained Earning – 800 (credit)
July 8 – Cash – 2,500 (debit) Accounts Payable 2,500 (credit)
July 9 – Office Equipment – 160 (debit) Office Furniture – 1,060 (debit) Accounts Payable – 1,220 (credit)
July 15 – Accounts Payable – 1,220 (debit) Cash – 1,220 (credit)
July 23 – Utilities Expense – 430 (debit) Cash 430 (credit)
July 31 – Salaries Expense – 850 (debit) Cash – 850 (credit)