JOURNAL ENTRIES Amy Anjelo opened a delivery service. Jour
Question and Solution
JOURNAL ENTRIES Amy Anjelo opened a delivery service. Journalize the following transactions that occurred in January of the current year. Use the modified cash basis and a combination journal with special columns for Delivery Fees (credit) and Wages Expense (debit). Prove the combination journal. Jan. 1 Invested cash in the business, $10,000. 2 Paid shop rental for the month, $400. 3 Purchased a delivery cart on account from Walt’s Wheels, $1,000. 5 Purchased office supplies, $250. 6 Paid telephone bill, $51. 8 Received cash for delivery services, $428. 11 Paid electricity bill, $37. 12 Paid part-time employee, $480. 13 Paid for postage stamps (miscellaneous expense), $29. 15 Received cash for delivery services, $382. 18 Made payment on account for delivery cart previously purchased, $90. 21 Withdrew cash for personal use, $250. Jan. 24 Paid for a one-year liability insurance policy, $180. 26 Received cash for delivery services, $292. 29 Paid part-time employee, $480.