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Rami & Company has decided to open multiservice corporation in Dubai
Rami & Company has decided to open multiservice corporation in Dubai. During the first month of operations, July 21, the following transactions have taken place. July5: Invested $400,000 cash in exchange of shares capital. July 9: Purchased Supplies to be used during the month for $15,000 on account. July 14: Paid $10,000 cash to suppliers. July 22: Provided services to customers on account for $80,000. July 30: Received $25,000 cash for services that will be provide next month. July 31: Hired a new manager that will start next week for $ 3,000 per month. Prepare general journal entries to record the above transactions in Rami's books.
Expert Solution
Answer is as follows:
1. July 5: Cash A/C Dr $400000
To Share Capital A/C $400000
2. July 9: Supplies A/C Dr $15000
To Accounts payable A/C $15000
3. July 14: Accounts payable A/C $10000
To Cash A/C $10000
4. July 22: Accounts receivable A/C $80000
To Service Revenue A/C $80000
5. July 30: Cash A/C $25000
To Advance from Customers A/C $25000
6. July 31: No entry Since salary expense is neither accrued nor paid, it will accrue from next week.
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