Following are the transactions for valdez services. the company paid $2,000 cash for payment on a 6-month-old account payable for office supplies. the company paid $1,200 cash for the just completed two-week salary of the receptionist. the company paid $39,000 cash for equipment purchased. the company paid $800 cash for this month’s utilities. owner (b. valdez) withdrew $4,500 cash from the company for personal use. 1. prepare general journal entries for the above transactions of valdez services

accounts payable   2,000 debit

               cash                     2,000 credit

salaries expense   1,200 debit

                 cash                     1,200 credit

Equipment           39,000 debit

               cash                    39,000 credit

utilities expense        800 debit

               cash                    800 credit

B-Valdez drawins    4,500 debit

              cash                   4,500 credit

Explanation:

In all cases the company is using cash. It is performing a cash disbursements thus we credited.

In the debit side we post what we receive or destination of the cash.

Like, equipment, salaries expense and so on.

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