Question

Manny Gill is an entrepreneur who started West Secure, a business that provides a number of...

Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions during July 2020, its first month of operations:

July 1 The owner, Manny Gill, invested $6,000 cash.
10 Purchased $3,500 worth of security equipment on credit.
12 Performed security services for a sold-out concert and received $11,000 cash from the client.
14 Paid for expenses; $4,500.
15 Completed security services for a graduation event and sent the client a bill for $2,000.
31 The owner withdrew $350 cash for personal use.


Required:
2.
Record the journal entries for the month of July

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
On January 1, 2019 Potter Consulting Services Incorporated (PCS Inc.) opened for business.  The corporation completed the...
On January 1, 2019 Potter Consulting Services Incorporated (PCS Inc.) opened for business.  The corporation completed the following transactions during January.  Analyze each transaction and make the appropriate journal entry in the space provided. Thank you!! a.   January 1   Each stockowner contributed cash and received Common Stock. A total of $500,000 cash was paid for 500,000 shares with a $1 par value per share. b.   January 1 Paid 3 months office space rent in advance in cash for a total of $6,000 c.   January 2  Purchased Office...
Problem 4-05A a-g (Part Level Submission) (Video) Crane Clark opened Crane’s Cleaning Service on July 1,...
Problem 4-05A a-g (Part Level Submission) (Video) Crane Clark opened Crane’s Cleaning Service on July 1, 2020. During July, the following transactions were completed. July 1 Crane invested $19,900 cash in the business. 1 Purchased used truck for $8,800, paying $3,900 cash and the balance on account. 3 Purchased cleaning supplies for $2,000 on account. 5 Paid $1,800 cash on 1-year insurance policy effective July 1. 12 Billed customers $4,500 for cleaning services. 18 Paid $1,600 cash on amount owed...
Kassidy Alba started The Alba Consulting Group, a new business that began operations on May 1,...
Kassidy Alba started The Alba Consulting Group, a new business that began operations on May 1, 2014. The Alba Consulting Group completed the following transactions during the month of May: May 1 K. Alba invested $80,000 cash in the business 1 Rented a furnished office and paid $4,000 cash for four month’s rent 3 Purchased $1,890 of office equipment on credit 3 Paid $5,000 cash for the premium on a 10-month insurance policy 5 Paid $250 cash for this month’s...
Part I Carl Redmon completed the following transactions during December: Dec 2   Invested $25,000 to start...
Part I Carl Redmon completed the following transactions during December: Dec 2   Invested $25,000 to start a consulting practice titled Redmon Consulting.         2   Paid $6,000 for a 2-year insurance policy.         3   Paid cash for a computer, $2,400. It is expected to remain in service for five years, and have a $400 salvage value at the end of its useful life.         4   Purchased office furniture on account, $4,500. The furniture should last for five years.         5   Purchased...
The following independent situations require professional judgement to determine when to recognize revenue under the revenue...
The following independent situations require professional judgement to determine when to recognize revenue under the revenue recognition principle.   Identify the month in which revenue should be recognized for the following transactions: 8.   On January 2nd, 2019 you order and pay for 2 tickets on your Visa card for the February 28th, 2019 Canucks game against San Jose. You receive the tickets in the mail on January 9th. You receive the Visa bill in late January but you don’t pay your...