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Question

Date

Transaction

Nov 1 Justin Taylor invests $30,000 cash and

computer equipment worth $2,000 in J&L company

Nov 3 J&L pays $2,500 cash for supplies

Nov 5 J&L pays $26,000 cash for office equipment

Nov 13 J&L purchases $7,100 of supplies on credit from supplier

Nov 14 J&L provides consulting services and collects $4,200 cash

Nov 15 J&L pays $1,000 cash for November rent

Nov 15 J&L pays $700 cash for employees salary for 2 weeks work

Nov 17 J&L provides consulting services of $1,600 and rents its test facilities for $300.  The client (Anderson company) is billed $1,900 for these services.

Nov 23 J&L receives $1,900 cash from Anderson company (from Nov 17thservices)

Nov 27 J&L pays CalTech Supply $900 cash as partial payment for supplies purchased on Nov 13th

Nov 28 The J&L Consulting Company declares and pays a $1,500 cash dividend to its owners.

Dec 1 J&L receives $3,000 cash in advance of providing consulting services to a customer

Dec 1 J&L pays $2400 cash for 12 month insurance coverage

Dec 5 J&L pays $120 cash for supplies

Dec 10 J&L pays $230 cash for November utilities

Dec 15 J&L pays $1,400 cash in employees salaries


Top Answer

Nov 1 Dr. Cash 30,000 Dr. Computer equipment 2,000 Cr. Capital 32,000 Nov 3 Dr. Supplies 2,500 Cr. Cash 2,500 Nov 5 Dr.... View the full answer

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