Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me with these questions. Thank you! Required (18 marks): 1. Prepare the journal entries in the general journal to record the transactions 2.

Please help me with these questions. Thank you!

image text in transcribed

image text in transcribed

Required (18 marks):

1. Prepare the journal entries in the general journal to record the transactions

2. Post the entries to the general ledger accounts.

3. Prepare the trial balance as at January 31, 2021.

Welcome to Part 2. Congratulations, Jodi was happy with the advice you provided her and has decided to use the company name you recommended! Jodi's business continues to grow. She has decided to continue as a sole proprietor. On January 2nd Jodi opened up a separate bank account for her business. Her first transaction was depositing $2,000 from her personal bank account into her business bank account. De-seeding the apples and orange's turns out to be a time-consuming task and Jodi is struggling to keep up. As a result, on January 4th, Jodi purchased a commercial juicing machine using her own personal bank account money. The machine will be used exclusively in your new dog juice business. She purchased the machine for $1,050. Jodi quickly realized her $2,000 cash investment won't be enough. Jodi was able to borrow $3,200 from her brother. On January 5th she deposits the money into the business bank account. As part of the deal with her brother, Jodi signed a one-year note payable in the name of the business. During the month of January a number of additional accounting type activities take place. Now that you are familiar with accounting transactions and journal entries, Jodi once again asks you to assist her. Part 2 continued: During the month of January, a number of additional accounting type activities take place: Jan. 7 Jan 10 In the hopes of generating some revenue, Jodi pays $300 cash to advertise in the community newspaper. Jodi purchases supplies including puppy protein powder, stir sticks, fresh fruit and vegetables, by paying $250 cash. Jodi makes and delivers her first batch of dog juice to Don's Doggie Daycare. She gives Don an invoice for $315. The invoice is payable within 30 days. Jodi received an $225 cell phone invoice for the month of January. Jan 15 Jan 25 Jan 26 Don's Dogs loved the juice so much, he pre-ordered another batch. This time he paid Jodi $180 cash in advance of the order. To celebrate her first month of operations, Jodi buys Cash (the dog) a new dog collar costing $75. Jodi used the business bank card, so that the money came out of the business bank account. Jan 29 Now that you are familiar with accounting transactions and journal entries, Jodi once again asks you to assist her

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Robert Kemp, Jeffrey Waybright

2nd edition

978-0132771801, 9780132771580, 132771802, 132771586, 978-0133052152

More Books

Students also viewed these Accounting questions

Question

Highlight the methods of financing international operations

Answered: 1 week ago