Reference no: EM132411960
Question - John Piper opened Pied Piper's Pest Removal on Aug 1. The following transactions were completed during August:
Aug 1 John Piper invested $8,000 cash to start the business.
Aug 1 Paid $1,200 cash for August rent on an office.
Aug 2 Purchased $2,500 supplies on account from ChemEx Company.
Aug 5 Purchased several vans costing $30,000; paid $3,000 cash and signed a promissory note for the balance due.
Aug 8 Borrowed $5,000 cash from the bank and signed a promissory note for the balance due.
Aug 12 Purchased a 1-year auto insurance policy for $2,400 cash.
Aug 15 Performed pest removal services and received $6,000 cash from customers.
Aug 17 Made a $1,000 cash payment on account to ChemEx (related to the Aug 2 purchase).
Aug 20 Performed pest removal services and billed the customers $7,500. 23 Piper withdrew $1,500 cash for personal use.
Aug 27 Received a $1,600 cash advance from a local business for pest removal services to be performed for the business over the next 4 months beginning on September 1. 28 Received $3,000 cash on account from previously billed customers.
Aug 30 Paid cash for an employee's salary for August, $2,800.
Aug 31 Received the August utility bill of $800--the bill will be paid in September.
REQUIRED -
A. In the attached general journal, journalize (in good form) the effects of the above transactions. Note, you may want to review the attached general ledger of accounts before you journalize to familiarize yourself with specific account titles.
B. Post your journal entries from part A to the attached general ledger of accounts.
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