Question
The following information relates to the business of Paisleys Guitar School for the month of June 2019: June 1 Purchased equipment for $42,000. Paid $6,000
The following information relates to the business of Paisleys Guitar School for the month of June 2019:
June
1 Purchased equipment for $42,000. Paid $6,000 deposit and agreed to pay the balance in 60 days.
3 Paid salaries of $15,800.
8 Brad Paisley withdrew $21,000 from the business for his personal use.
14 Paid $9,800 for radio commercials incurred.
19 Paid $7,400 to creditors for supplies that had previously been purchased on credit.
23 Received $3,700 from customers to reduce the balance in their accounts.
30 Earned $78,000 in tuition fees during the month. Of these, 25% of the fees were collected in cash and 75% will be paid within 2 months.
Required:
Prepare the general journal entries to record the above transactions that occurred during June 2019 (ignore GST, and narrations are NOT required).
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