Five transactions for Mirmax Rentals described below.
Aug 1: Mirmax purchases two new saws on credit at $425 each. The saws are added to Mirmax's rental inventory. Payment is due in 30 days.
Aug 8: Mirmax accepts advance deposits for tool rentals of $125 that will be applied to the cash rental when the tools are returned.
Aug 15: Mirmax receives a bill from Macon Utility Company for $180. Payment is due in 30 days.
Aug 20: Customers are charged $1,250 by Mirmax for tool rentals. Payment is due from the customers in 30 days.
Aug 31: Mirmax receives $600 in payments from the customers that were billed for rentals on August 20.
Required: Journalize the five transactions for Mirmax Rentals.
Answers: 2
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Five transactions for Mirmax Rentals described below.
Aug 1: Mirmax purchases two new saws on credi...
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