Question
How do I record the following Journal entries? Please include steps to the following Journal entries I also deposited $200,000 that I borrowed from my
How do I record the following Journal entries?
Please include steps to the following Journal entries
I also deposited $200,000 that I borrowed from my Sister-In-Law, Mr. Lauren Morales. I will have to pay Lauren back in March 2025. She is charging me interest at the rate of 8.5%, and wants me to send her a check for the annual interest on December 31.
Also, I bought my cousin a new computer chair and furniture for his apartment. He is in university, and I am supporting his efforts as much as I can. I bought the chair and furniture at Ikea. The entire purchase cost me $7,550. This is good quality furniture and should last at least 10 years. I should be able to sell this as used furniture for about $1,000 at the end of ten years. This furniture is for his personal use, but I used the company account to write the check (check #100) so that I can treat it as a business expense!
I wrote a check to Raven Properties (Box 17, Fayette, VA) for in the amount of $33,000 for rent from September through February. I am renting a small four-room warehouse in Kissimmee Florida: check #101 for $33,000. I mailed the check to Mr. Raven
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