Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. During July, the following...

Question:

Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. During July, the following transactions were completed. July 1 Jara invested $19,841 cash in the business.

1 Purchased used truck for $9,171, paying $3,871 cash and the balance on account.

3 Purchased cleaning supplies for $2,198 on account.

5 Paid $1,896 cash on 1-year insurance policy effective July 1.

12 Billed customers $4,458 for cleaning services.

18 Paid $1,458 cash on amount owed on truck and $1,472 on amount owed on cleaning supplies.

20 Paid $2,532 cash for employee salaries.

21 Collected $3,421 cash from customers billed on July 12.

25 Billed customers $5,912 for cleaning services.

31 Paid $341 for the monthly gasoline bill for the truck.

31 Withdrew $5,673 cash for personal use.

Journalize the march transactions

Business Transactions

A business transaction is a type of an economic event that will lead to an entry in the company's accounting books. A transaction must be measurable in the money.

Answer and Explanation: 1

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1 Purchased used truck for $9,171, paying $3,871 cash and the balance on account.

Accounts Debit Credit
Truck 9,171
Cash 3,871
Accounts...

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Business Transaction: Definition, Types & Analysis

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Chapter 1 / Lesson 5
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Understand the meaning of a business transaction in accounting, see some examples of a business transaction, and explore different types of business transactions.


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