Journal (12 marks)

Prepare the journal entries to record the following transactions for Tonys Truck Rental in January 2019. Narrations are required.

January	6	Tony contributed $700,000 cash to the business.
	11	Received $60,000 cash for services to be provided next month.
	15	Earned fees $120,000 from customers. Of this, 75% of the fees were received in cash and the remaining balance will be received in next month.
	22	Tony paid the annual insurance fee of $1,800 for the next 12 months
	31	Tony purchased Trucks for $950,000. He paid $150,000 cash and the remaining balance is financed through a bank loan.

Date	Accounts	Debit	Credit