Question
Prepare General Journal entries. 1. Rahim invested Rs.500,000 personal cash in the business by depositing that amount in a bank account entitled Silverstar Cinemas. The
Prepare General Journal entries.
1. Rahim invested Rs.500,000 personal cash in the business by depositing that amount in a bank account entitled Silverstar Cinemas. The business gave Rahim owner's equity in the company 2. PaidRs.400,000 cash to purchase a theater building. 3. BorrowedRs.220,000 from the bank. Rahim signed a note payable to the bank in the name of Silver star Cinemas. 4. Purchased theater supplies on account, Rs.1,700. 5. Paid Rs.800 on account. 6. Paid property tax expense on theater building, Rs.1,200. 7. Paid employee salaries, Rs.2,800, and rent on equipment, Rs.1,800. 8. WithdrewRs.6,000 from the business for personal use. 9. ReceivedRs.20,000 cash from ticket sales and deposited that amount in the bank. (Label the revenue as Sales Revenue.
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