John invested his $ 50,000 cash savings to start the New Age Bakery business on January...
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John invested his $ 50,000 cash savings to start the New Age Bakery business on January 1. The bakery purchases baking equipment paying $25,000 cash on January 3. It Purchases a delivery van for $15,000, paying $8,000 cash and the rest on account. John buys baking supplies for $5,000 cash January 5. John purchased furniture costing $6,200 from XYZ Ltd on account January 10 John paid salary of $350 to sales person on Jan 15 Cash sales totaled $4,500 on January 16 Delivery van liability was half paid back on January 18. John paid utilities, $420 on January 20 John withdrew $200 for personal use on January 25 Sales on account totaled $4,000 on January 30 Required: 1. Journalize the transactions 2. Post the journal transactions 3. Prepare trial balance John invested his $ 50,000 cash savings to start the New Age Bakery business on January 1. The bakery purchases baking equipment paying $25,000 cash on January 3. It Purchases a delivery van for $15,000, paying $8,000 cash and the rest on account. John buys baking supplies for $5,000 cash January 5. John purchased furniture costing $6,200 from XYZ Ltd on account January 10 John paid salary of $350 to sales person on Jan 15 Cash sales totaled $4,500 on January 16 Delivery van liability was half paid back on January 18. John paid utilities, $420 on January 20 John withdrew $200 for personal use on January 25 Sales on account totaled $4,000 on January 30 Required: 1. Journalize the transactions 2. Post the journal transactions 3. Prepare trial balance
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1 Journalize the transactions Date Account Debit Credit Jan 1 Cash 50000 Common Stock 50000 Investme... View the full answer
Related Book For
Foundations of Financial Management
ISBN: 978-1259024979
10th Canadian edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
Posted Date:
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