Consider the following transactions for XYZ Company during the month of January. Prepare the general ledger...

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Consider the following transactions for XYZ Company during the month of January. Prepare the general ledger entries for each transaction: 1. January 1: The company invested ZAR 100,000 in cash to start the business. 2. January 3: Purchased equipment for ZAR 20,000, paying ZAR 5,000 in cash and the rest on credit. 3. January 5: Received ZAR 8,000 from a customer for services rendered. 4. January 10: Paid ZAR 2,000 in rent for the month. 5. January 12: Sold merchandise for ZAR 15,000 in cash. 6. January 15: Purchased office supplies for ZAR 2,500 on credit. 7. January 18: Paid ZAR 5,000 to a vendor for previous purchases on credit. 8. January 20: Received ZAR 6,000 from a customer for services to be provided in the future. 9. January 25: Paid ZAR 3,500 to employees as salaries. 10. January 31: The company withdrew ZAR 2,000 in cash for personal use by the owner. Required: Prepare the general ledger entries for each transaction. Consider the following transactions for XYZ Company during the month of January. Prepare the general ledger entries for each transaction: 1. January 1: The company invested ZAR 100,000 in cash to start the business. 2. January 3: Purchased equipment for ZAR 20,000, paying ZAR 5,000 in cash and the rest on credit. 3. January 5: Received ZAR 8,000 from a customer for services rendered. 4. January 10: Paid ZAR 2,000 in rent for the month. 5. January 12: Sold merchandise for ZAR 15,000 in cash. 6. January 15: Purchased office supplies for ZAR 2,500 on credit. 7. January 18: Paid ZAR 5,000 to a vendor for previous purchases on credit. 8. January 20: Received ZAR 6,000 from a customer for services to be provided in the future. 9. January 25: Paid ZAR 3,500 to employees as salaries. 10. January 31: The company withdrew ZAR 2,000 in cash for personal use by the owner. Required: Prepare the general ledger entries for each transaction.

Answer rating: 100% (QA)

January 1 Cash Dr 100000 The business receives ZAR 100000 in cash increasing the cash asset Capital Cr 100000 The owner invests ZAR 100000 representin... View the full answer