WagnerSons Inc perform property appraisals for commercial re

Wagner&Sons;, Inc. perform property appraisals for commercial real estate transactions. The following transactions were completed in July 2013. July 1 Purchased $345 in office supplies on account. July 2 Wrote a check for a $700 utility bill for the current month. July 3 Paid $750 in salaries to employees for the current month. July 8 Received $3,965 on customer accounts for bills sent in prior month. July 12 Conducted five appraisals and invoiced SLL Commercial Real Estate, Inc. for $11,000. Prepare journal entries using the transaction analysis above. Ifno journal entry is required, indicate that in the account description. Date Description Debit Credit July 1 July 2 July 3 July 8 July 12

Solution

1-Jul Supplies 345       Accounts Payable 345 2-Jul Utilities expense 700       Cash 700 3-Jul Salaries expense 750       Cash 750 8-Jul Cash 3965     Accounts Receivable 3965 12-Jul Accounts Receivable 11000       Revenue earned 11000