Question

Journalize the following selected transactions for July 2018 in a two-column journal. Journal entry explanations may be omitted.

July   1	The business received cash from an investor…. in exchange for capital stock, $15,000.
2	Received cash for providing accounting services, $8,000.
3	Billed customers on account for providing services, $4,000.
4	Paid advertising expense, $400.
5	Received cash from customers on account, $3,500.
6	Dividends paid, $1,000
7	Received telephone bill, $100
8	Paid telephone bill, $100.

Answer 1

Solution:-
				(Amt in $)
Date	Particulars	Posting Key	Debit Amount	Credit Amount
July 1	Cash	Dr	15,000
	Common Stock	Cr		15,000
July 2	Cash	Dr	8,000
	Service Revenue	Cr		8,000
July 3	Debtors	Dr	4,000
	Service Revenue	Cr		4,000
July 4	Advertising Expense	Dr	400
	Cash	Cr		400
July 5	Cash	Dr	3,500
	Debtors	Cr		3,500
July 6	Dividend	Dr	1,000
	Cash	Cr		1,000
July 7	Telephone Expense	Dr	100
	Sundry Creditor - Other	Cr		100
July 8	Sundry Creditors - Others	Dr	100
	Cash	Cr		100
The above are the journal entries