Journal Enries
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The following transactions took place at the Bahamon's Leading Ladies during November 2007. Give the general journal entries that would be made to record these transactions. Use a compound entry for each transaction.
November 5 Performed services for Talent Search, Inc., for $32,000; received $16,000 in cash and the client promise to pay the balance in 60 days.
November 18 Purchased a graphing calculator for $300 and some supplies for $500 from Office Supply; issued Check 1008 for total.
November 23 Received Invoice 1602 for $1,080 from Automotive Technicians Repair for repairs to the firm's automobile; issued Check 1009 for half the amount and arranged to pay the other half in 30 days.
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Solution Summary
This explains the formulation of Journal Entries under various situations.
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Amount in Dollars
November 5
Debit: Cash 16000
Debit: Accounts Receivables ...
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