Reference no: EM132749605
Question - You are presented with the following transactions for Oxfam Corporation for the month of January:
Jan. 2 Issued $5,000 of common shares for cash.
Jan. 5 Signed a contract to provide services to a customer within the next year for $5,500.
Jan. 6 Obtained a bank loan for $30,000.
Jan. 7 Paid $40,000 to purchase a hybrid car to be used solely in the business.
Jan. 9 Received a $5,000 deposit from a customer for services to be provided in the future.
Jan. 12 Billed customers $20,000 for services performed during the month.
Jan. 19 Purchased $500 of supplies on account.
Jan. 20 Provided $1,500 of services for the customer who paid in advance on January 9.
Jan. 23 Collected $5,000 owing from customers from the January 12 transaction.
Jan. 29 Paid rent for the month, $1,500.
Required - Journalize these transactions in proper form.
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