Reference no: EM132634947
Below is the chart of accounts for Myer Company.
Chart of Accounts
11 Cash
12 Accounts receivable
14 Computer 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.
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