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Selected transactions for Ii
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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