Journalize the Following Transactions for Redmond Storage and Prepare a Trial

question 32

Essay

Journalize the following transactions for Redmond Storage and prepare a trial balance dated June 30, 2019.
a)Owner, Roger Redmond invested $10,000 cash into the business.
b)Rented an office and paid one month's rent, $1,100.
c)Purchased $450 of supplies on account.
d)Performed a service on account, $1,550.
e)Paid $2,500 cash for office furniture.
f)Owner, Roger Redmond withdrew $1,700 cash for personal use.
g)Collected $1,200 on account.

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Definitions:

Intoxicated Mental State

A condition resulting from the consumption of alcohol or drugs, impairing a person's cognitive functions and judgment.

Market Value

The current price at which an asset or service can be bought or sold in a marketplace.

Minor

Legally refers to an individual who is below the age of majority, and thus, has limited legal rights and responsibilities.

Avoid The Contract

The act of declaring a contract null and void, meaning it is treated as if it never existed due to breaches or violations of terms.