The business uses the following accounts Cash Accounts Recei

The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Common Stock; Dividends; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense. Read the requirements. Requirement 1. Journalize each transaction. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) July 1: Yardley contributed $68,000 cash to the business in exchange for common stock Date Accounts Debit Credit Jul. 1 Cash 68,000 Common Stock 68,000

Solution

Journal entry :

Date	Accounts	Debit	credit
Jul 1	Cash	68000
	Common stock		68000
Jul 5	Rent expenses	510
	Cash		510
Jul 9	Land	16000
	Cash		16000
Jul 10	Office supplies	1600
	Cash		1600
Jul 19	Cash	26000
	Notes payable		26000
Jul 22	Account payable	1100
	Cash		1100
Jul 28	Advertising expenses	250
	Advertising payable		250
Jul 31	Cash	6300
	Account receivable	5300
	Service revenue		11600
Jul 31	Salaries exp	1900
	Office rent	1400
	Utilities expenses	600
	Cash		3900
Jul 31	Cash	1340
	Unearned service revenue		1340
Jul 31	Dividend	6900
	Cash		6900