Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Paul Wailupe opened a business under the name of Wailupes Museum LTD., and during the first week completed the following transactions: Jan 1 Paul Wailupe
Paul Wailupe opened a business under the name of Wailupes Museum LTD., and during the first week completed the following transactions:
Jan 1 Paul Wailupe invested $21,000 cash in the business.
- The business purchased $6,000 worth of display items on account.
- The business paid $1,450 for the first months rent on the building. This amount is not refundable if the business does not continue for the whole month.
- Purchased $875 worth of office supplies and $600 worth of equipment on account from Nahua Wholesale.
- Paid $37 for radio advertising.
- Sales for the opening day admissions totaled $2,000, of which $500 was in cash the remainder on account.
- Paid $25 on account to Nahua Wholesale.
- Paid $65 wages for the week.
9 Received $500 in cash for payment on account from the sale on January 6.
| General Journal |
|
|
|
Date | Account Title and Explanation | PR | Debit | Credit |
|
|
|
|
|
|
|
|
|
|
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