Chapter 2, Problem 2.12S

(Learning Objective 4: Journalize transactions) Journalize the following transactions. Include dates and a brief explanation for each journal entry.

July 1: Issued common stock for $13,000

July 5: Performed services on account for $8,000

July 9: Purchased office supplies on account for $600

July 10: Performed services for cash of $3,100

July 12: Received payment in full for services performed on account from July 5

July 24: Paid in full for office supplies purchased on July 9

July 25: Received and paid monthly electric bill of $450

July 30: Signed a note payable to purchase office furniture for $2,500

July 31: Paid monthly payroll of $3,100