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On July 1, 2006 Leon Cruz established an interior design business, Ingres Designs. During the remainder of the month leon cruz completed the following transactionsrelated to the business.
JULY 1----leon transfered cash from a personal account to an account to be used for business---18,000
paid rent for period july 5--to end of month---1,500
purchased a truck for 15,000. paying 5,000 in cash and giving a note payable for the remainder.
purchased equipment on account---4,500.00
purchased supplies for cash----975.00
paid annual premiums on insurance----3,000
recieved cash for job completed----4,100.00
paid creditor a portion of the amount owed for equipment purchased on july 13---2,400.00
recorded jobs completed on account and sent invoices to customers---6,100.00
received an invoice for truck expenses to be paid in august 580.00
paid utility expense---950.00
paid miscellaneous expense---315.00
received cash from customer on account---3,420.00
paid wages for employees---2,500.00
withdrew cash for personal use----2,000.00
1. Journalize each transaction in a two column journal refering to the following:
LEON CRUZ, CAPITAL
LEON CRUZ DRAWING
2. post journal to a ledger of for column accounts, inserting appropriate posting references as each item is posted. extend the balances to the appropriate balance columns after each transaction is posted.
Prepare a trial balance for Ingres Designs as of july 31, 2006© BrainMass Inc. brainmass.com December 24, 2021, 5:34 pm ad1c9bdddf
The solution uses the formatting as requested and completes the problem.