Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following transactions occurred in the business during the month of August 2021. 5-Aug 7-Aug 12-Aug 17-Aug Purchased equipment for $5,000 and paid 40% cash
The following transactions occurred in the business during the month of August 2021. 5-Aug 7-Aug 12-Aug 17-Aug Purchased equipment for $5,000 and paid 40% cash deposit. A bank loan is arranged for the remaining balance. Provided services for $4,000. 30% of the amount was received and recorded last month. The remaining balance will be paid next month. Received $3,000 interest earned and recorded last month. Owner paid the business's electricity bill using $1,200 from the personal bank account. Owner withdrew $2,500 from the business bank account to purchase a computer for personal use. Owner contributed furniture costing $1,500 and supplies costing $600 to the business. Paid $8,000 wages owed and recorded last month. 25-Aug 28-Aug 30-Aug Required Prepare the general journal for the above transactions. Narration and dates are required. (17 marks)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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