General Journal

Prepare General Journal entries for Hope Industries for the following transactions (some transactions may involve more than 1 entry). Inclusion of GST is not required. 1. Issues 50,000 ordinary shares for $100,000 on 1/7/16 2. Buys equipment for $50,000 cash on 1/7/16 3. On 1/7/16 purchases a 12 month insurance policy on the equipment for $1,200 4. Purchases supplies on credit for $20,000 on 3/7/16 5. Invoices customer (ABC Pty Ltd) on 5/7/16 for services performed $28,000 6. On 16/7/16 ABC Pty Ltd pays $27,500 in settlement with $500 discount given for early payment 7. On 31/7/16 records the adjustment for insurance expensed for the month end GENERAL JOURNAL of Hope Industries Date DR CR