Question
Prepare the journal entries to record the following transactions for ABC Printers in June 2021. Dates and narrations are required. 1 June The owner made
Prepare the journal entries to record the following transactions for ABC Printers in June 2021. Dates and narrations are required.
1 June The owner made the following contributions to start the business: $200,000 cash and a vehicle valued at $60,000.
5 June The business purchased new Equipment for $10,000. A deposit of $3,000 was paid in cash and the remainder on credit.
8 June Collected cash $15,000 for printing services performed for clients.
12 June Paid 3 months rent of $18,000 in advance.
16 June The business paid the office assistants wages of $6,000.
20 June Paid $2,000 interest on the bank loan.
25 June Received $3,200 from customers for services to be provided in July.
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