For each of the 10 transactions described below, prepare the required journal entry using proper journal...

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For each of the 10 transactions described below, prepare the required journal entry using proper journal entry format. (5 marks per entry) No Date (a) August 1 trip (b) August 2 (c) August 3 (d) August 4 (e) August 5 Description Joan and Phillip began the business by each depositing $2,500 of personal funds in the business bank account in exchange for common shares of the newly formed company. Joan rented space for the shop behind a strip mall and paid August rent of $800 out of the business bank account. (h) August 24 (1) August 28 () August 31 The shop purchased supplies inventory for $3,000 cash. The shop paid cash to Cupboard News, a local newspaper, $300 for an ad appearing in Sunday edition. The shop repaired a boat for a customer. The customer paid cash of $1,300 for services rendered. (f) August 13 The shop purchased supplies inventory for $900 by paying cash of $200 and charging the rest on account. (g) August 14 The shop repaired a boat for Zonie Kinkennon, a champion skier, for $3,600. Phillip collected $1,000 in cash and put the rest on Zonie's account. The shop collected cash of $400 from Zonie Kinkennon. The shop paid $200 to Mini Maid for cleaning services for the month of August. The board of directors of the corporation declared a total dividend of $400 to its shareholders. Page 2 of 10 For each of the 10 transactions described below, prepare the required journal entry using proper journal entry format. (5 marks per entry) No Date (a) August 1 trip (b) August 2 (c) August 3 (d) August 4 (e) August 5 Description Joan and Phillip began the business by each depositing $2,500 of personal funds in the business bank account in exchange for common shares of the newly formed company. Joan rented space for the shop behind a strip mall and paid August rent of $800 out of the business bank account. (h) August 24 (1) August 28 () August 31 The shop purchased supplies inventory for $3,000 cash. The shop paid cash to Cupboard News, a local newspaper, $300 for an ad appearing in Sunday edition. The shop repaired a boat for a customer. The customer paid cash of $1,300 for services rendered. (f) August 13 The shop purchased supplies inventory for $900 by paying cash of $200 and charging the rest on account. (g) August 14 The shop repaired a boat for Zonie Kinkennon, a champion skier, for $3,600. Phillip collected $1,000 in cash and put the rest on Zonie's account. The shop collected cash of $400 from Zonie Kinkennon. The shop paid $200 to Mini Maid for cleaning services for the month of August. The board of directors of the corporation declared a total dividend of $400 to its shareholders. Page 2 of 10

Answer rating: 100% (QA)

a August 1 Dr Cash 5000 Cr Joans Capital 2500 Cr Phillips ... View the full answer