Show time Amusements owns movie theaters. Showtime engaged in the following business transactions:
1-Jul Darrell Palusky invested $350,000 personal cash in the business by depositing that amount in a bank account titled Showtime Amusements. The business gave Palusky owner's equity in the company.
2 Paid $300,000 cash to purchase a theater building.
5 Borrowed $220,000 from the bank. Palusky signed a note payable to the bank in the name of Showtime Amusements.
10 Purchased theater supplies on account, $1,700.
15 Paid $800 on account.
15 Paid property tax expense on theater building, $1,200.
16 Paid employee salaries, $2,800, and rent on equipment, $1,800. Make a single compound entry.
28 Withdrew $6,000 from the business for personal use.
31 Received $20,000 cash from service revenue and deposited that amount in the bank.
Showtime Amusements uses the following accounts: Cash; Supplies; Building; Accounts Payable; Notes Payable; Darrel Palusky, Capital;
Darrel Palusky, Withdrawals; Service Revenue; Salary Expense; Rent Expense; Property Tax Expense.
Requirement
Journalize each transaction of Showtime Amusements as shown for July 1. Explanations are not required.