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Selected transactions for Ii

Accounting Mar 19, 2021

Selected transactions for Ii. Sheffield, an interior decorator, in her first month of business, are as follows. 
Jan. 2 Invested $14,100 cash in business. 3 Purchased used car for 54,230 cash for use in business. 9 Purchased supplies on account for $705. 11 Billed customers $3,384 for services performed. 16 Paid $494 cash for advertising. 20 Received $987 cash from customers billed on January 11. 23 Paid creditor $423 cash on balance owed. 28 Withdrew 51,410 cash for personal use by owner. 
Journalize the transactions. (Credit account titles are automatically indented when amount is enter order presented in the problem. If no entry is required select "No Entry" for the account titles a 
Date Account Tides and Explanation Debit Credit 
 

Expert Solution

Journal Entries:    
Date Account Titles and Explanation Debit Credit
Jan-02 Cash 14100  
  M. Sheffield Capital   14100
       
3 Car 4230  
  Cash   4230
       
9 Supplies 705  
  Accounts Payable   705
       
11 Accounts Receivables 3384  
  Service Revenue   3384
       
16 Advertising Expense 494  
  Cash   494
       
20 Cash 987  
    Accounts Receivables   987
       
23 Accounts Payable 423  
  Cash   423
       
28 M. Sheffield Capital 1410  
  Cash   1410
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