2. You are required to prepare 10 different transaction analysis for a company. Record your general...

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2. You are required to prepare 10 different transaction analysis for a company. Record your general journal entries and record your ledger accounts (50 points). 1- Invesment by Owner: Transaction: The Owner invests Explanation! *Assets: Cash increases by $10,000. *Owner's Equity : Increases by $10,000. $10,000 cash into the business. 2- Purchase of Equipment Transaction: The business purchases equipment for $5,000 on credit. Explanation! Assets: Equipment increases by $5,000 *Liabilities: Accounts payable increases by $5,000. on Credit: 3- Sale of Goods for Cash: *Assets Cash increases by $8,000 *Owner's Equity: Revenue increases by $8,000. 4- Loan Obtained from a Bank: Transaction: The business takes out a $15,000 loan from a bank Explanation Assets: Cash increases by $15,000 * Liabilities: Loans payable increases by $15,000. 5- Payment of Salaries: Transaction: The business pays $3,000 in salaries to Explanation *Assets Cash decreases by $3,000. *Owner's Equity: Expenses increase by $3,000. 6- Purchase of Supplies with Cashi *Assets: Supplies increased by $1,500. * Owner's Equity: No change. 7. Repayment of Loan Principal: * Assets: Cash decreases by $5,000. #Ciabilities: Loans payable decreases by $5,000. employees. 8- Settled accounts payablei *Assets: cash decreases by $5,000 *Liabilities: Accounts Payable decreased by $5,000. g-Customer Prepayment: * Assets: Cash increases by $2,000 Liabilities : Unearned Revenue increases by $2,000 10- Dividend Payment: Assets: Cash decreases by $4,000. * Owner's Equity Dividends increase by $4,000 2. You are required to prepare 10 different transaction analysis for a company. Record your general journal entries and record your ledger accounts (50 points). 1- Invesment by Owner: Transaction: The Owner invests Explanation! *Assets: Cash increases by $10,000. *Owner's Equity : Increases by $10,000. $10,000 cash into the business. 2- Purchase of Equipment Transaction: The business purchases equipment for $5,000 on credit. Explanation! Assets: Equipment increases by $5,000 *Liabilities: Accounts payable increases by $5,000. on Credit: 3- Sale of Goods for Cash: *Assets Cash increases by $8,000 *Owner's Equity: Revenue increases by $8,000. 4- Loan Obtained from a Bank: Transaction: The business takes out a $15,000 loan from a bank Explanation Assets: Cash increases by $15,000 * Liabilities: Loans payable increases by $15,000. 5- Payment of Salaries: Transaction: The business pays $3,000 in salaries to Explanation *Assets Cash decreases by $3,000. *Owner's Equity: Expenses increase by $3,000. 6- Purchase of Supplies with Cashi *Assets: Supplies increased by $1,500. * Owner's Equity: No change. 7. Repayment of Loan Principal: * Assets: Cash decreases by $5,000. #Ciabilities: Loans payable decreases by $5,000. employees. 8- Settled accounts payablei *Assets: cash decreases by $5,000 *Liabilities: Accounts Payable decreased by $5,000. g-Customer Prepayment: * Assets: Cash increases by $2,000 Liabilities : Unearned Revenue increases by $2,000 10- Dividend Payment: Assets: Cash decreases by $4,000. * Owner's Equity Dividends increase by $4,000

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1 Investment by Owner Journal Entry Cash 10000 Owners Equity 10000 Ledger Cash 10000 Owners Equity 1... View the full answer