PREPARE JOURNAL ENTRIES FOR THESE TRANSACTIONS.

1). COMPANY A. Buys $3000 worth of supplies and pays cash.

2) In 30 days Company uses up $200 worth of these supplies.

3) A Home Repair Company, called HRC, buys a van for $30,000 from a company named Cheap Vans. Pays cash of $10,000 and promises to pay the dealer the balance in 20 days.

4) The Home Repair Company settles the bill with the car dealer in 20 days. Reminder you are recording transactions from the point of view of the Home Repair Company.

5) Record relevant transactions from the point of view of Cheap Vans. You can create dates of your own choice.

6). On Jan 1st 2023. Johns Cafe bought a coffee machine for $5000. The company paid $1000 in cash and paid the balance with 4 equal payments on Feb 1st, Mar 1st, Apr 1st and Jun 1st.

Make journal entries for transactions on all these dates.

Use the T Account method to keep track of cash and any other T account involved.