Financial Accounting BMBA $140$ Assignment #$2$

Name $($first and last name$)$:

PART I $-$ JOURNAL ENTRIES $(18$ points$)$

The following ledger accounts are used by Grant Girls Cookie Company in their ledger

Instructions: Record the appropriate entries for the month of October using the chart of accounts

and following transactions.

Transactions:

October $1,$ G$.$ Grant invested $$6,000$ in cash and $$6,000$ in supplies into the business.

October $1,$ Rent for the month of October was paid in cash, totalling $$1,500$

Cookies worth $$250$ were sold to a customer on account on October $2.$

Future advertisements for November were purchased for $$1,000$ cash on October $3.$

October $10,$ G$.$ Grant purchased more equipment totalling $$4,500$ but cash was needed

for operational expenses, signed a note payable to ensure required equipment was

recerved.

October $15,$ one of G$.$ Grant's siblings worked for the weekend at the local farmers

market, G$.$ Grant agreed to pay $$100$ a day for the weekend in cash.

Additional ingredients were purchased on account from a local food distributer totalling

$$799,$ payment terms were net $30$ from purchase date of October $17.$

G$.$ Grant was late in totaling receipts, additional sales up until October $20$ totalled $$3,500$

half was received in cash and half is still receivable.

A customer purchased $$300$ worth cookies for the first weekend in November on October

$21,$ payment was received in full on the day of the order.

On October $31,$ G$.$ Grant withdrew $$1,000$ in cash.