Reference no: EM132839924

Problem 1: Prepare journal entries for the transactions for Beam Co for the month of July 2020.

1. 7/2 Barry Beam invested 30,000 to start the business
2. 7/5 Purchased 1,500 of supplies for cash
3. 7/9 Purchased advertising from Evening Journal at a cost of 1,250 payable in 15 days.
4. 7/15 Provided 2,000 of service to H Co. collected 500 cash and balance on account
5. 7/19 Paid for advertising purchased from the Evening Journal on 7/9
6. 7/21 Purchased equipment from T Co. for 6,500, paid cash 1,500 and balance on account
7. 7/25 Hired assistant at a salary of 750 per week 7/28 Received 1,000 cash advance for service to be provided in August
8. 7/30 Received utility bill for 225
9. 7/31 Collected accounts receivable from H Co.
10. 7/31 Beam withdrew 2,000 cash for personal use