The following transactions were completed by Farooq during the month of June 2011:
June 1stCommenced Business with an investment of cash Rs.30,000/
worth Rs.20,000/-.
June 2ndPurchased merchandise on account from All for Rs.25,000/- and paid
thereon Rs.700/-.
June 4thPurchased equipment for cash Rs.2,000/-
June 6thWithdrew merchandise worth Rs.600 and cash Rs.l.,300/- for persona
June 8thCash sales for the day Rs.3,000/-
June 12thPurchased supplies for cash Rs.1,500/-
June 15thPaid Salaries expense in cash Rs.2,600/-
June 19thSold merchandise on account to Tariq Rs.6,000/-
June 22ndDefective goods returned by Tariq Rs. 300/-
June 25th 'Paid rent expense in cash Rs.1,000/-
June 27thPaid to Ali on account cash Rs.16,000/-
June 29thReceived cash from Tariq on account Rs.4,000/-
June 30thPaid for insurance Rs.900/- cash.

Journalize the above entries.

Answer rating: 100% (QA)

Date Account Title Debit Credit June 1 Cash account 30000 Furniture account 20000 Fa... View the full answer