Journal entries for simple transactions The events listed all took place on 21 June 2022. Provide the journal entry necessary to record each event in the accounts of JKL Ltd for the year ended 30 June 2022. If no entry is required, indicate this and give reasons. In most cases, an assumption is not necessary. If you feel an assumption is necessary, however, state it.

1 A new general manager is hired at an annual salary of $140 000.

2 A loan is obtained from the bank for $20 000, repayable in two years’ time.

3 A landscaper agrees to improve land owned by JKL Ltd The agreed price for the work is $2100 and work will begin in July 2022.

4 An order for $1300 of merchandise is received from a customer along with a cash deposit of $400.

5 A $1200 insurance premium for coverage over the period from 1 July 2022 to 30 June 2023 is paid in cash.

6 JKL Ltd places an order for the purchase of inventories with a cost price of $2000.