You are presented with the following transactions for J. Green, a sole proprietorship established in the month of August:Aug.2 The owner, Jason Green, invested $40,600 in the business. 2 Purchased supplies on account for $640. 5 Purchased equipment for $11,600 by signing a note payable due in three months. 9 Provided services of $17,400. Of this amount, $8,700 was received in cash. The balance was on account. 14 Paid salaries of $1,400. 15 Paid Jason Green $5,000 for his personal use. 19 A customer paid $2,850 in advance for services to be provided next month. 22 Paid the balance owing for the supplies purchased on August 2. 25 Collected the $8,700 of the amount owing from the August 9 transaction. 26 Paid office expense of $3,700. 30 Paid interest of $60 on the note payable signed on August 5.Journalize the August transactions.

Journal entries- Journal entries are to be passed by the company as the first step of the…

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10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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You are presented with the following transactions for J. Green, a sole proprietorship established in the month of August:

Aug.	2	The owner, Jason Green, invested $40,600 in the business.
	2	Purchased supplies on account for $640.
	5	Purchased equipment for $11,600 by signing a note payable due in three months.
	9	Provided services of $17,400. Of this amount, $8,700 was received in cash. The balance was on account.
	14	Paid salaries of $1,400.
	15	Paid Jason Green $5,000 for his personal use.
	19	A customer paid $2,850 in advance for services to be provided next month.
	22	Paid the balance owing for the supplies purchased on August 2.
	25	Collected the $8,700 of the amount owing from the August 9 transaction.
	26	Paid office expense of $3,700.
	30	Paid interest of $60 on the note payable signed on August 5.