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Required: Prepare journals in proper journal format for the above transactions for the month of January 2020. If no entry is required, write no entry.
Required: Prepare journals in proper journal format for the above transactions for the month of January 2020. If no entry is required, write "no entry." (No chart of accounts have been given)
Pi-QS Consultants Ltd is preparing journal entries for its first month of trading, January 2020. (Pi-QS Ltd is not VAT / BTW registered) Date Analysis 1st Jan. 2020 Received 200,000 from Paul Smooth a Venture Capitalist in exchange for Common Stock. 2nd Jan. 2020 Paid 1st months rent of 30,000. 3rd Jan. 2020 Purchases computer equipment on account for 12,000. 14th Jan. 2020 Received 25,000 in advance from Bill Tee for consultancy advice. 5th Jan. 2020 Customer order for 30,000 for work to start 15th January 2021. 6th Jan. 2020 Returned 800 of faulty computer equipment. 27th Jan. 2020 Invoices 20,000 to Ace-X for consultancy advice provided in January 2020. 28th Jan. 2020 Completes work for Bill Tee, money received 4th January 2020. 29th Jan. 2020 Paid 14,000 of salaries expense to employees who worked in January 2020. 30th Jan. 2020 Paid the outstanding balance on the computer equipmentStep by Step Solution
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