Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Prepare journal entry for the month of Jan Mr. Mohammed Started his new business in 1st of Jauary 2020 and we extracted the following transactions
Prepare journal entry for the month of Jan
Mr. Mohammed Started his new business in 1st of Jauary 2020 and we extracted the following transactions from his regards. cush Jan 1 Mohammed invested 10000$ to open his company. Jan 5 mohammed purchases an equipment 1000 $ Cash. Jan 8 mohammed withdraws 500 $ cash for personal use. Jan 13 mohammed owes employee salaries of 2000$ and pays them in cash. Jan 16 mohammed received 500 $ from Abdullah company for services provided. Jan 20 mohammed received a bill for 500 $from electricity's company but Cash Suo postpones payment until a later date. Jan 22 Mohammed paid the bill for electricity's company which was postpones in (Jan 20). Jan 24 Mohammed Received 1000$ from Almarai company, for services will be provided by Mohammed on the future. Jan 25 Purchased office supplies costing 15,600 $ on account. Jan 28 Paid 15,600 for the supplies which were purchased on (Jan 25).
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Jan 1 Dr Bank 10000 Cr Capital 10000 Jan 5 Dr Equipment 1000 Cr Bank 1000 Jan 8 Dr Ba...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