Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

30 points Save Answer During October 2020, John just started Home Reno business as a sole proprietorship and he has carried some business activities over

image text in transcribed
30 points Save Answer During October 2020, John just started Home Reno business as a sole proprietorship and he has carried some business activities over the month, please see the list below 1. John invested $50.000 cash in Home Reno 2. John purchased annual business insurance for $1.200 3. John purchased a pickup truck with all auto loan of $35,000 from the car dealer. With the promotion, John will receive the 2 years loan as interest-free, 4. John purchased tools from Rona, S5.000 on credit 5. John rent a storage space for $300 per month 6. John also paid $100 to advertise his business in the local newspaper, 7. John finished a painting job for $1.500 and send an involce to his customer 3. Paid for the tool purchased Oct 3 on credit. 9. Received the full payment from the client who he invoiced 10. John received $10,000 from his client for a prepaid flooring job, which he will start next month. 31. Paid $400 for gasoline for his truck which can be recorded as travel expenses 12. Paid his assistant salary. $3 500 13 John withdrew $5.000 from the business as well 14. Paid the cellphone bill, $50 15. John had a meeting with his client and gave an estimated price. $20,000 for an upcoming job Prepare the

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions