Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Journalise the transactions, Prepare T-Accounts & Trial Balance 1. August 1, 2018, owner puts in $20,000 cash into the company. 2. August 1, 2018,
Journalise the transactions, Prepare T-Accounts & Trial Balance 1. August 1, 2018, owner puts in $20,000 cash into the company. 2. August 1, 2018, company paid $2,400 for six months of prepaid insurance 3. August 2, 2018, company purchased $5,000 of furniture for cash. 4. August 3, 2018, company paid $3,200 in rent. 5. August 4, 2018, company purchased $20,000 of equipment. 6. August 5, 2018, company received $100,000 cash in sales income. 7. August 15, 2018, company purchased stationery for $1,800. 8. August 17, 2018, owner withdrew $2,000 from the business. 9. August 17, 2018, company paid $2,500 in wages to an employee. 10. August 18, 2018, company received $15,000 from a customer. The goods will be sent next month.. 11. August 19, 2018, Company paid Hydro expense $240 12. August 20, 2018, Company paid repairs expense $280 13. August 21, 2018, Company paid interest expense $290 14. August 22, 2018, Company paid entertainment expense $340 15. August 23, 2018, Company paid gas expense $140
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started