Question
On May 1, 2021, Donna Smith opened a medical center. Record the transactions for her business in a general journal. Provide a suitable explanation for
On May 1, 2021, Donna Smith opened a medical center.
Record the transactions for her business in a general journal. Provide a suitable explanation for each transaction.
May 2, 2021 - Bought medical supply from Lorne supplies Ltd., $753. Issued cheque #1.
May 2, 2021 - Paid the clinic rent for May. Issued cheque #2 for $1200.
May 7, 2021 - Bought coffee and Milk from Brian Grocers on 10-day terms, $500; Purchase Invoice #342.
May 9, 2021 - Cash sales for this week, $1,185.30.
12 Sold merchandise on 30-day terms to James Korol, $118.10, sales invoice #2; Jack Abbot, $123.60, sales invoice #3; and Jon Wilde, $160, sales invoice #4.
(Record this as a compound entry.)
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