Posted: July 7th, 2016

Prepare the nine journal entries?

Woodcross LLC had the following events occur during the month of July.
1. Received $40,000 from investors for contributed capital
2. Borrowed $15,500 from bank
3. Paid $4,000 in rent
4. Made sale on account for $12,500
5. Made cash sales to customers totaling $29,700
6. Repaid part of bank loan for $6,000
7. Purchased new equipment for $5,000
8. Paid $13,000 for wages
9. Paid $1,900 for utilities

Prepare the nine journal entries. Each entry will have a debit and a credit entry. Indicate word Debit followed by thr account title(name); Credit followed by the account title(name).

Debit Cash xxx(amount)
Credit Contributed Capital (amount)

Use appropriate account title(names); there is no need to indent as ecollege may not retain the indent. Please include words debit and credit before the account title (name) and amount clearly.

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