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QUESTION - Recording Events (Debits and Credits) June 1 June 2 June 3 June 4 The owner invests $110,000 cash into the business to start
QUESTION - Recording Events (Debits and Credits) June 1 June 2 June 3 June 4 The owner invests $110,000 cash into the business to start a new business. The owner also invests in addition to the $110,000 cash some office equipment worth $40,000 and a computer worth $2,000. The owner purchases office supplies on credit for $650. Paid $1,000 for rent for the month of June for the business. The owner will pay rent every month until he can find a building to purchase or find a building to rent long term. Purchased food for $10,300 on credit. (Assume the food will all be sold by the end of June) and drinks for $5,200 for cash. (Assume all of the drinks will also be sold by the end of June). The owner purchased a motor vehicle for $30,000. The owner paid a $10,000 cash deposit and paid for the remainder by going to the bank and getting a loan for the rest of the amount needed to buy the motor vehicle. Sales of food and drink for the first half of the month were $9,800 on credit and $4,200 in cash. Paid $400 of the amount owing for supplies purchased on the 2nd of June. June 11 June 15 June 19 June 29 June 30 Sales of food and drink for the second half of the month were $10,300 in cash and $5,600 on credit. Received $1,600 cash from customers who owe money for sales of food on the 15th of June. Paid wages expense of $4,200 cash for the month of June. June 30 REQUIRED: Record the events in a General Journal
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