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Journal entries

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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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