20- Oct. Journalize the following transactions, complete with appropria explanations, for Rainbow Rug & Furniture Cleaners....
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20- Oct. Journalize the following transactions, complete with appropria explanations, for Rainbow Rug & Furniture Cleaners. 1 John Grady started his business by investing the following assets and liabilities: Bank, $18,000; Cleaning Equipment, $8,000; Store Fixtures, $3,000; and Bank Loan, $5,000. (Calculate the Capital value needed to balance this transaction, then record the com- pound journal entry.) 2 Issued Cheque #1 to Deutsch Holdings for $925 to pay the October rent. 2 Bought truck for $16,900 from Bruce Auto Sales; paid $6,900 down; terms net 90 days. Purchase Invoice #773; Cheque #2. 4 Bought additional cleaning equipment, $3,000, and supplies, $800, from Bondi Equipment Suppliers. Payment due in 10 days. Purchase Invoice #663. 5 Received $175 from Tony Laicini for cleaning services provided to him today. 7 Sent an invoice to S. Canto for cleaning services provided; terms net 10 days; Sales Invoice #01 ; $225. 9 Placed newspaper advertisement in the Daily Press, to be paid in 10 days, $185. Purchase Invoice #113. 11 Sent an invoice to Ronaldo Auto Sales for $425 for cleaning car- pers in the showroom; 10-day credit terms; Sales Invoice #02. 12 Received $195 cash from Sally Ritchie for cleaning rugs and furni- ture in her home today. 4 Issued Cheque #3 for $3,800 to pay balance owing to Bondi Equipment Suppliers. Received $225 from S. Canto on Sales Invoice #01. 20- Oct. Journalize the following transactions, complete with appropria explanations, for Rainbow Rug & Furniture Cleaners. 1 John Grady started his business by investing the following assets and liabilities: Bank, $18,000; Cleaning Equipment, $8,000; Store Fixtures, $3,000; and Bank Loan, $5,000. (Calculate the Capital value needed to balance this transaction, then record the com- pound journal entry.) 2 Issued Cheque #1 to Deutsch Holdings for $925 to pay the October rent. 2 Bought truck for $16,900 from Bruce Auto Sales; paid $6,900 down; terms net 90 days. Purchase Invoice #773; Cheque #2. 4 Bought additional cleaning equipment, $3,000, and supplies, $800, from Bondi Equipment Suppliers. Payment due in 10 days. Purchase Invoice #663. 5 Received $175 from Tony Laicini for cleaning services provided to him today. 7 Sent an invoice to S. Canto for cleaning services provided; terms net 10 days; Sales Invoice #01 ; $225. 9 Placed newspaper advertisement in the Daily Press, to be paid in 10 days, $185. Purchase Invoice #113. 11 Sent an invoice to Ronaldo Auto Sales for $425 for cleaning car- pers in the showroom; 10-day credit terms; Sales Invoice #02. 12 Received $195 cash from Sally Ritchie for cleaning rugs and furni- ture in her home today. 4 Issued Cheque #3 for $3,800 to pay balance owing to Bondi Equipment Suppliers. Received $225 from S. Canto on Sales Invoice #01.
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Journal Entries for Rainbow Rug Furniture Cleaners Oct 1 Explanation John Grady invested assets and liabilities to start the business Capital account ... View the full answer
Related Book For
Financial Accounting For Management
ISBN: 9789385965661
4th Edition
Authors: Neelakantan Ramachandran, Ram Kumar Kakani
Posted Date:
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