Journal (12 marks)

Prepare the journal entries to record the following transactions for Tony's Truck Rental in January 2019.Narrationsare 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