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Following are transactions for Baggins Inc. for the month of January, 2021. Their accounting period is on a monthly basis. Jan 1: Owner invested
Following are transactions for Baggins Inc. for the month of January, 2021. Their accounting period is on a monthly basis. Jan 1: Owner invested 5,000,000 taka in business to get it started. Jan 1: Purchased a deilvery van for the business for 1,500,000 taka. Paid 20% in cash and rest through bank loan with 8% annual interest. Jan 1: Rented an office and agreed to pay monthly rent of 50,000 taka. Paid 3 months rent in advance. Jan 1: Hired two employees for the office. Agreed their salary will be 20,000 per month. They started working from Jan 1. Jan 5: Provided services to customer and billed them 100,000 taka. This sales was made on credit. Jan 15: Purchased 10,000 taka worth of supplies on account. Jan 20: Collected 60% of the sales made in Jan 5. Jan 31: Supplies at hand at the end of the month is 7,000 taka. Jan 31: Made the necessary adjusting entries. Your task: Prepare journal entries from the transactions above for the month of January 2021 (MUST BE DONE IN EXCEL)
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