I understand a lot of how to do this, but Im still new with it and need a little help with this journal entry. It is just more of a practice question, but I keep getting confused on how to put it all in the journal.
During its first month of operation, the Trumans Repair Co., which specializes in engine repairs completed the following transactions:
Feb. 1
began business by making a deposit in a company bank account of $12,000, in exchange for 1,200 shares of $10 par value common stock
Feb. 3
Purchased repair equipment from Asters Company, $4,400. Paid $600 down and the balance was placed on account. Payments will be $200.00 per month for nineteen months. The first payment is due 11/1.
Feb. 8
purchased repair supplies from Kelly Company on credit, $390.
Feb. 16
Cash engine repair revenue for the first half of October, $1,362.
Feb. 19
Made payment to Kelly Company, $200.
Feb. 31
Cash engine repair revenue for the last half of October, $1,310
Feb. 31
Declared and paid cash dividend of $800.