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Journalize Fred Buchanan's July Transactions Using the Combination Journal Provided

question 33

Essay

Journalize Fred Buchanan's July transactions using the combination journal provided.Prove the journal.Fred uses the modified cash basis for his accounting records.

$\begin{aligned} \text { July } 1 & \text { Fred Buchanan invested } \$ 100,000 \text { in his business. } \\ 2 & \text { Borrowed } \$ 50,000 \text { from the bank. } \\ 3 & \text { Received } \$ 1,100 \text { cash from customers. } \\ 7 & \text { Bought supplies on account, } \$ 750 \\ 10 & \text { Paid part-time receptionist } \$ 1,300 . \\ 15 & \text { Paid advertising bill } \$ 1,500 \text {. } \\ 17 & \text { Purchased } \$ 14,000 \text { of office furniture paying } \$ 4,000 \text {; the balance on account. } \\ 22 & \text { Billed credit customers, } \$ 4,500 \text {. } \\ 27 & \text { Received } \$ 1,000 \text { from credit customers. } \\ 29 & \text { Received } \$ 5,500 \text { from cash customers. }\end{aligned}$ $Journalize Fred Buchanan's July transactions using the combination journal provided.Prove the journal.Fred uses the modified cash basis for his accounting records. \begin{aligned} \text { July } 1 & \text { Fred Buchanan invested } \$ 100,000 \text { in his business. } \\ 2 & \text { Borrowed } \$ 50,000 \text { from the bank. } \\ 3 & \text { Received } \$ 1,100 \text { cash from customers. } \\ 7 & \text { Bought supplies on account, } \$ 750 \\ 10 & \text { Paid part-time receptionist } \$ 1,300 . \\ 15 & \text { Paid advertising bill } \$ 1,500 \text {. } \\ 17 & \text { Purchased } \$ 14,000 \text { of office furniture paying } \$ 4,000 \text {; the balance on account. } \\ 22 & \text { Billed credit customers, } \$ 4,500 \text {. } \\ 27 & \text { Received } \$ 1,000 \text { from credit customers. } \\ 29 & \text { Received } \$ 5,500 \text { from cash customers. }\end{aligned}$

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