Question
Jack Uzi, wholesale toys online, operates out of his office in his parents apartment, with 0 inventory. Every toy he sells is first purchased then
Jack Uzi, wholesale toys online, operates out of his office in his parents apartment, with 0 inventory. Every toy he sells is first purchased then re-sold, but only after the order comes through. You need to help him out with his bookkeeping. The following transactions occurred in October:
a. Paid 500 for lease of computer equipment in advance for November b. Cash Sales of 4,847. (for stuffed animal) c. Cash sales of 4,486 (for Educational Toys) d. Cash sales of 4,702 (for Video Games) e. Cash Sales of 1,827 (for Pretend-play toys) f. Purchase of office supplies on account from Bing's Office Supply, 416. g. Withdrawal by owner (Jack Uzi) of 1,600. h. Payment on account (Bing's), 390. i. Payment of wages with cash, 2,500. j. Payment for cleaning services with cash, 74 k. Payment to purchase stuffed animal, 4,044 l. Payment to purchase Educational Toys, 3,547 m. Payment to purchase Video Games, 4,169 n. Payment to purchase Pretend-play toys, 1,382
Further, he has account balances for the beginning of October as follows: Cash 2,000 Accounts Payable, Bing's Office Supply Hut 75 Office Supplies 75 Jack Uzi, Capital 2000
1. Prepare books of original entries (Sales journal, purchase journal, cash journal)
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