Prepare journal entries for the following transactions that occurred during October: 2020 Oct. 3 Janet Wills invested
Question:
Prepare journal entries for the following transactions that occurred during October:
2020
Oct. 3 Janet Wills invested $70,000 cash and $6,000 worth of equipment in her new business.
6 Purchased building for $40,000 on account.
13 Purchased a truck from Lowell Co. for $16,000 cash.
17 Bought supplies from Lee Co. on account, $900.
Step by Step Answer:
Date 2020 Oct 3 6 13 17 Cash Equipment Janet Wills Capital Owners invest...View the full answer
College Accounting A Practical Approach
ISBN: 978-0134166698
13th Canadian edition
Authors: Jeffrey Slater, Debra Good
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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