On 1 March 2022, Jenny W. opened Beauty With Jenny for operations. Jenny, the owner contributed...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On 1 March 2022, Jenny W. opened Beauty With Jenny for operations. Jenny, the owner contributed $40,000 of personal funds to begin the business. The following transactions occurred during the first half of the month: 2 Mar 3 Mar 4 Mar 7 Mar Paid an accountant fee of $1,000 to setup Xero accounting software for the business. Acquired a Motor Vehicle from Wollongong Cars by an online bank transfer for $40,000, paid $10,000 in cash and signed a loan agreement for the remainder of payment. Purchased beauty supplies on credit for $600. Wages accrued for the first half of the month, $1,800. 12 Mar Jenny transferred $300 from the business bank account to personal account. 14 Mar Service revenue earned on credit for the first half of the month was $11,000. Required: Prepare the general journal entries in the below template to record the above transactions. Narrations are required. (15 marks) On 1 March 2022, Jenny W. opened Beauty With Jenny for operations. Jenny, the owner contributed $40,000 of personal funds to begin the business. The following transactions occurred during the first half of the month: 2 Mar 3 Mar 4 Mar 7 Mar Paid an accountant fee of $1,000 to setup Xero accounting software for the business. Acquired a Motor Vehicle from Wollongong Cars by an online bank transfer for $40,000, paid $10,000 in cash and signed a loan agreement for the remainder of payment. Purchased beauty supplies on credit for $600. Wages accrued for the first half of the month, $1,800. 12 Mar Jenny transferred $300 from the business bank account to personal account. 14 Mar Service revenue earned on credit for the first half of the month was $11,000. Required: Prepare the general journal entries in the below template to record the above transactions. Narrations are required. (15 marks)
Expert Answer:
Answer rating: 100% (QA)
Journal Entries for Jenny Ws Beauty Business Transactions in March 2022 are as follows Da... View the full answer
Related Book For
Statistics for the Behavioral Sciences
ISBN: 978-1111830991
9th edition
Authors: Frederick J Gravetter, Larry B. Wallnau
Posted Date:
Students also viewed these accounting questions
-
A professor in the psychology department would like to determine whether there has been a significant change in grading practices over the years. It is known that the overall grade distribution for...
-
The human resources department would like to consolidate the current set of retirement plan options offered to specific employee pay groups into a single plan for all pay groups (salaried, hourly, or...
-
What is meant by scheduling two consecutive days off and how is it done?
-
An investor has $60,000 to invest in a $280,000 property. He can obtain either a $220,000 loan at 9.5 percent for 20 years or a $180,000 loan at 9 percent for 20 years and a second mortgage for...
-
A company entered into the following transactions: a. Purchased new machinery for $24,000 cash. b. Paid a $2,500 account payable relating to inventory. c. Recorded cash sales of $52,000. d. Purchased...
-
In conducting interviews and observing factory operations to implement an activity-based costing system, you determine that several activities are unnecessary or redundant. For example, warehouse...
-
What are the main functions of good environmental management? Which environmental management tools are related to each of these functions? Are there any environmental management tools common to all...
-
An importer of childrens toys, Fun N Games, Inc., receives a price quotation from a German toy maker offering toy train sets: KBG train sets. Locomotive. Four cars. Transformers. Thirty pieces of...
-
Discuss what is meant by break even analysis. Describe real life situations that relate to beak even analysis.
-
1. What forms of interpersonal power does Larry Ellison use and how does he use them? 2. How do the two faces of power relate to Larry Ellisons actions? 3. Does Larry Ellison use power ethically?...
-
Olmstead Corporation\'s capital structure is as follows: December 3 1 2 0 1 9 2 0 1 8 Outstanding shares of: Common stock 3 3 6 , 0 0 0 3 0 0 , 0 0 0 Nonconvertible preferred stock 1 0 , 0 0 0 1 0 ,...
-
Reconsider Problem 28. Determine which oven should be purchased based on an incremental present worth analysis. Data from problem 28 Octavia Bakery is planning to purchase one of two ovens. The...
-
Think about the informative, persuasive, instructional, and collaborative presentations you have experienced as a student, an employee, a consumer, or a citizen. Select two, and compare and contrast...
-
Give two distinct realizations for the transfer functions below: (a) \(H(z)=0.0034+0.0106 z^{-2}+0.0025 z^{-4}+0.0149 z^{-6}\). (b) \(H(z)=\left(\frac{z^{2}-1.349 z+1}{z^{2}-1.919 z+0.923}...
-
Depending on your age and work history, you may have already received this report from the SSA. How well do you understand how your own future retirement benefits will work? Consider other examples...
-
Show that: (a) If \(H(z)\) is a Type I filter, then \(H(-z)\) is Type I. (b) If \(H(z)\) is a Type II filter, then \(H(-z)\) is Type IV. (c) If \(H(z)\) is a Type III filter, then \(H(-z)\) is Type...
-
Mind Explorers issues bonds with a stated interest rate of 7%, face value of $200,000, and due in 10 years. Interest payments are made semi-annually. The market rate for this type of bond is 6%....
-
How much more interest will be earned if $5000 is invested for 6 years at 7% compounded continuously, instead of at 7% compounded quarterly?
-
For each of the following, assume that a two-tailed test using the normal approximation to the binomial distribution with = .05 is being used to evaluate the significance of the result. a. For a...
-
Calculate SS, variance, and standard deviation for the following population of N = 8 scores: 0, 0, 5, 0, 3, 0, 0, 4. (The computational formula works well with these scores.)
-
For each of the following samples, determine the interval width that is most appropriate for a grouped frequency distribution and identify the approximate number of intervals needed to cover the...
-
The following experimental data are available for \(\mathrm{CO}_{2}\) gas at \(92^{\circ} \mathrm{C}\) : PR 1 2 3 4 6 8 10 0.856 0.583 0.535 0.620 0.800 0.975 1.160 Find the fugacity of CO2 at 100...
-
What do you mean by extent of reaction? Derive an expression of the relationship between mole fraction of the component and the extent of reaction.
-
Give an informatory note on equilibrium constant of the chemical reaction.
Study smarter with the SolutionInn App