Following are transactions for Baggins Inc. for the month of January, 2021. Their accounting period is...

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Following are transactions for Baggins Inc. for the month of January, 2021. Their accounting period is on a monthly basis. Jan 1: Owner invested 5,000,000 taka in business to get it started. Jan 1: Purchased a deilvery van for the business for 1,500,000 taka. Paid 20% in cash and rest through bank loan with 8% annual interest. Jan 1: Rented an office and agreed to pay monthly rent of 50,000 taka. Paid 3 months rent in advance. Jan 1: Hired two employees for the office. Agreed their salary will be 20,000 per month. They started working from Jan 1. Jan 5: Provided services to customer and billed them 100,000 taka. This sales was made on credit. Jan 15: Purchased 10,000 taka worth of supplies on account. Jan 20: Collected 60% of the sales made in Jan 5. Jan 31: Supplies at hand at the end of the month is 7,000 taka. Jan 31: Made the necessary adjusting entries. Your task: Prepare journal entries from the transactions above for the month of January 2021 (MUST BE DONE IN EXCEL) Following are transactions for Baggins Inc. for the month of January, 2021. Their accounting period is on a monthly basis. Jan 1: Owner invested 5,000,000 taka in business to get it started. Jan 1: Purchased a deilvery van for the business for 1,500,000 taka. Paid 20% in cash and rest through bank loan with 8% annual interest. Jan 1: Rented an office and agreed to pay monthly rent of 50,000 taka. Paid 3 months rent in advance. Jan 1: Hired two employees for the office. Agreed their salary will be 20,000 per month. They started working from Jan 1. Jan 5: Provided services to customer and billed them 100,000 taka. This sales was made on credit. Jan 15: Purchased 10,000 taka worth of supplies on account. Jan 20: Collected 60% of the sales made in Jan 5. Jan 31: Supplies at hand at the end of the month is 7,000 taka. Jan 31: Made the necessary adjusting entries. Your task: Prepare journal entries from the transactions above for the month of January 2021 (MUST BE DONE IN EXCEL)

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In the Books of Baggins Inc Particulars Dr taka Cr taka Date Jan 1 2021 Bank Alc ... View the full answer