Reference no: EM132865402

Question - Prepare journal entries in good form for each of the above transactions concerning the business of Lila Company. Use General Journal report.

The following are September transactions for Lila Company.

Sep. 1 Issued common shares for $3,000 cash.

Sep. 1 Borrowed $10,000 cash from the bank.

Sep. 1 Paid $8,000 cash for a used truck.

Sep. 3 Signed a contract with a customer to for a $15,000 job beginning in November.

Sep. 4 Paid $600 for a one-year truck insurance policy effective September 1.

Sep. 5 Collected fees of $2,000 for work to be performed in September and October.

Sep. 7 Billed a client $5,000 for services performed today.

Sep. 9 Paid $250 for supplies purchased and used today.

Sep. 12 Purchased $500 of supplies on credit.

Sep. 15 Collected $1,000 of the amount billed August 7.

Sep. 16 Paid $200 for advertising in The News that ran the first two weeks of September.

Sep. 20 Paid $250 of the amount owing regarding the credit purchase of September 12.

Sep. 25 Paid the following expenses: rent for September, $350; salaries, $2,150; telephone, $50.

Sep. 28 Called clients for payment of the balances owing from September 7.

Sep. 31 Billed a client $6,000 for services performed today.