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Jack Smith, a baker, has been working at his friends bakery a part time basis for the past 3 years.As of January 1 , 2
Jack Smith, a baker, has been working at his friends bakery a part time basis for the past years.As of January Jack decided to pursue his own dreams of buying and selling pastries. Herented a space from his friend and entered into the following transactions during January :Jan Jack invested the following assets into the business: cash, $; office equipment,$ and a bank balance of $Jan Paid rent for January by cheque $Jan Purchased motor vehicle on credit from Deals on Wheels Ltd for $Jan Bought office furniture from Kurtz JA Ltd paying by cheque $Jan. Bought merchandise for resale by cheque $Jan Sold merchandise to Candy Lou, for cash $Jan Sold merchandise on credit to Patrick Poser $Jan Sold merchandise on credit to Janice Russell $Jan Patrick Poser settled his account with cash receiving a cash discount.Jan Merchandise valued at $ sold to Janice Russell on January wasreturned to JackSmith. A credit note was given to Janice Russell.Jan Sold merchandise on credit to JF Mills Ltd $Jan Bought merchandise on credit from Natalie Lowe $Jan Received a long term loan from JNBC Bank for $ by cheque.Jan Bought stationery for cash $Jan Bought merchandise on credit from Nickette Morgan $Jan Lodged cash of $ to the business bank accountJan Jack took pastries for his daughters th birthday party amounting to $Jan Paid Natalie Lowe $ in full settlement of the balance outstanding by chequehaving received a discount of $Jan Commission was received by cash, $Jan Paid wages by cash $Jan Purchased merchandise on credit from Kukupas Creations for $Jan Paid electricity by cash $ insurance $ by cheque.
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