Reference no: EM132736673
Question - The following were transactions of Delphi Enterprise for the month of July:
(1) On 1 July, the company established that they cannot collect $8,000 from a customer and this amount has to be written off. Assumes the company uses the allowance method.
(2) On 15 July, the company purchased $3,000 of supplies on credit.
(3) On 18 July, the company received a utilities bill amounting $400.
(4) On 20 July, the company entered a contract to buy a new machine costing $20,000 3 months later. The machine will be paid entirely in cash. (5) On 23 July, a customer paid $5,000 owed to Delphi Enterprise.
(6) On 25 July, the company declared dividends of $20,000 to be paid 1 month later.
(7) On 31 July, the company hired a new staff at a monthly salary of $3,100. The new staff will start work on 1 September.
Required - Analyse the above and record the journal entries. Narrations are not required.
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