Reference no: EM133034050
Question - Imagine that you own a hairstyling business and the following are the transactions that occurred in it for the month of July.
July 1 The owner (your name) opened a hairstyling business and made the following investments: cash 150,000; shampoo spray machines 250,000; office chairs and table 30,000; and hair supplies 25,000.
July 2 Paid one year rental of the shop amounting to 60,000.
July 3 Accepted hair services from Cheska for cash 4,500 (Sales Invoice #001) and used 500 for hair supplies.
July 4 Billed Josh on services rendered on account 1,500 (Sales Invoice #002).
July 7 Paid rental for the month 2,500.
July 9 Accepted hair services on account from Stell for 7,500 (Sales Invoice #003); 50% down payment and the balance at the end of the month.
July 11 Collected 3,000 from July 4 services and purchased hair supplies for 8,500 (Purchase invoice #001)
July 15 Paid the salary of the staff 15,000.
July 17 The owner (your name) withdrew 500 for personal use.
July 21 Rendered services for Ken on account 65,000 (Sales Invoice #004); 10% down payment and the balance on account.
July 23 Purchased a hair steaming machine for 250,000 and made a 50% down payment.
July 31 Paid the electricity bill for July 4,500, telephone for 1,600 and advertising for 800.
Required - Please provide an answer key for the following transactions.
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