Prepare the journal entries for each of given transactions

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Problem

Prepare the journal entries for each of these transactions.

On August 1, 2016, John established John's Auto Service, Inc. During the month of August, the following transactions occurred:

a. John used $30,000 from his personal funds to purchase common stock from the business

b. John rented a garage for $1,200 per month, paying the first and last month's rent plus a security deposit of $1,000

c. John arranged for business insurance costing $1,500 every six months effective July 2, 2016

d. John billed Louie Stark on account for truck repairs totaling $1,100

e. Tommy Jones paid John for repairs on his car totaling $825

f. John paid half of his bill for the business insurance

g. John purchased parts for the Stark and Jones vehicles on account for $685.

Reference no: EM131809838

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