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    Journal entries

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    Woodscross LLC had the following events occur during the month of July.
    1. Receivd $40,000 from investors for contributed capital
    2. Borrowed $15,500 from the bank
    3. Paid $4,100 for rent
    4. Made sales on account for $12,500
    5. Made cash sales to customers totaling $29,700
    6. Repaid part of the bank loan for $6,000
    7. Purchased new equipment for $5,000
    8. Paid $13,000 for wages
    9. Paid $1,900 for utilities

    Prepare the nine journal entries using the following so that the formatting will be clear.

    Debit account #1 name $xxx
    Credit account #2 name $xxx

    Make sure to include the words "debit" and "credit" before the account name for clarity.

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    Solution Preview

    Woodscross LLC had the following events occur during the month of July.
    1. Receivd $40,000 from investors for contributed capital
    2. Borrowed $15,500 from the bank
    3. Paid $4,100 for rent
    4. Made sales on account for $12,500
    5. Made cash sales to customers totaling $29,700
    6. Repaid part of the bank loan for $6,000
    7. Purchased new equipment for $5,000
    8. Paid $13,000 for wages
    9. Paid $1,900 for utilities

    Prepare the nine journal entries using the following so that the formatting will be clear.

    Debit account #1 name $xxx
    Credit account #2 name $xxx

    A debit to a liability, revenue, or equity account is a ...

    Solution Summary

    Solution explains journal entries

    $2.19