Peter's Pool Corp: July transaction journal entries
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During its first month of operation, Peter's Pool Corporation, which specializes in pool repairs, completed the following transactions.
July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock.
July 1 Paid the premium on a 1-year insurance policy, $4,800.
July 1 Paid the current month's store rent expense, $3,600.
July 6 Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account.
July 8 Purchased repair supplies from Mary's Repair Company on credit, $450.
July 10 Paid telephone bill, $300.
July 11 Cash pool service revenue for the first third of July, $2,650.
July 18 Made payment to Mary's Repair Company, $300.
July 20 Cash pool service revenue for the second third of July, $4,000.
July 31 Cash pool service revenue for the last third of July, $2,250.
July 31 Paid the current month's electric bill, $500.
July 31 Declared and paid cash dividend of $1,100.
REQUIREMENT #1: Prepare journal entries to record the July transactions in the General Journal below. Remember that Debits must equal Credits—All of your Journal Entries should balance.
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Solution Summary
An excel file of the project instructions and activity through the journal entries tab only (not other milestones).
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