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On 1 March 2022, Jenny W. opened Beauty With Jenny for operations. Jenny, the owner contributed $40,000 of personal funds to begin the business.

On 1 March 2022, Jenny W. opened Beauty With Jenny for operations. Jenny, the owner contributed $40,000 of  

On 1 March 2022, Jenny W. opened Beauty With Jenny for operations. Jenny, the owner contributed $40,000 of personal funds to begin the business. The following transactions occurred during the first half of the month: 2 Mar 3 Mar 4 Mar 7 Mar Paid an accountant fee of $1,000 to setup Xero accounting software for the business. Acquired a Motor Vehicle from Wollongong Cars by an online bank transfer for $40,000, paid $10,000 in cash and signed a loan agreement for the remainder of payment. Purchased beauty supplies on credit for $600. Wages accrued for the first half of the month, $1,800. 12 Mar Jenny transferred $300 from the business bank account to personal account. 14 Mar Service revenue earned on credit for the first half of the month was $11,000. Required: Prepare the general journal entries in the below template to record the above transactions. Narrations are required. (15 marks)

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