Reference no: EM132751220

Chart of Accounts

11Cash

12Accounts receivable

14Computer supplies

18 Equipment

21 Account payable

23 Notes payable

31 O. Myer, Capital

32 O. Myer, Drawing

41 Fees earned

51 Wages expense

52 Rent expense

Problem 1: Journalize the following July transactions for Myer Company.

July 2. Received $40,000 from Oscar Myer, owner.

July 5. Purchased $8,500 in computer supplies on account.

July 10. Paid $5,000 for July rent.

July 13. Purchased equipment for $41,000, paying $25,000 in cash and a note payable for the remainder.

July 16. Recorded $3,500 of fees earned on account.

July 19. Received $11,000 in cash for fees earned.

July 22. Paid $2,000 to creditors on account.

July 25. Paid wages of $1,300.

July 31. Received $900 from customers on account.

July 31. Recorded owner's withdrawal of $1,000.