Consider the following transactions for XYZ Company during the month of March. Record the journal entries...
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Consider the following transactions for XYZ Company during the month of March. Record the journal entries for each transaction: 1. March 1: The company invested ZAR 50,000 in cash to start the business. 2. March 2: Purchased inventory for ZAR 10,000 on credit from ABC Supplier. 3. March 5: Sold goods worth ZAR 15,000 to a customer on credit. 4. March 8: Received ZAR 8,000 from a customer as payment for a previous sale made on credit. 5. March 10: Paid ZAR 2,000 in rent for the month. 6. March 12: Purchased office supplies for ZAR 500 in cash. 7. March 15: Received a utility bill for ZAR 1,200 for the month of March. The payment is due in 30 days. 8. March 18: Made a cash sale of goods for ZAR 5,000. 9. March 20: Paid ZAR 3,000 to a vendor for previous purchases on credit. 10. March 22: Paid ZAR 1,500 in wages to employees. 11. March 25: Collected ZAR 4,000 in accounts receivable from a customer. 12. March 28: Purchased equipment for ZAR 20,000, paying ZAR 5,000 in cash and the rest on credit. 13. March 30: Paid ZAR 1,000 for advertising expenses in cash. 14. March 31: The company withdrew ZAR 2,500 in cash for personal use by the owner. 15. March 31: Accrued ZAR 800 for monthly interest on a loan. Required: Record the journal entries for each transaction. Consider the following transactions for XYZ Company during the month of March. Record the journal entries for each transaction: 1. March 1: The company invested ZAR 50,000 in cash to start the business. 2. March 2: Purchased inventory for ZAR 10,000 on credit from ABC Supplier. 3. March 5: Sold goods worth ZAR 15,000 to a customer on credit. 4. March 8: Received ZAR 8,000 from a customer as payment for a previous sale made on credit. 5. March 10: Paid ZAR 2,000 in rent for the month. 6. March 12: Purchased office supplies for ZAR 500 in cash. 7. March 15: Received a utility bill for ZAR 1,200 for the month of March. The payment is due in 30 days. 8. March 18: Made a cash sale of goods for ZAR 5,000. 9. March 20: Paid ZAR 3,000 to a vendor for previous purchases on credit. 10. March 22: Paid ZAR 1,500 in wages to employees. 11. March 25: Collected ZAR 4,000 in accounts receivable from a customer. 12. March 28: Purchased equipment for ZAR 20,000, paying ZAR 5,000 in cash and the rest on credit. 13. March 30: Paid ZAR 1,000 for advertising expenses in cash. 14. March 31: The company withdrew ZAR 2,500 in cash for personal use by the owner. 15. March 31: Accrued ZAR 800 for monthly interest on a loan. Required: Record the journal entries for each transaction.
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Certainly Here are the journal entries for each transaction 1 March 1 Cash Asset 50000 Capital Equit... View the full answer
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