Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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 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)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Journal Entries for Jenny Ws Beauty Business Transactions in March 2022 are as follows Da...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started