Jay Smith began stationery retail sales business and completed these transactions during the month of November:...

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Jay Smith began stationery retail sales business and completed these transactions during the month of November: (a) Began business with $20,000 cash. Purchased office furniture and equipment for $5,000 and $2,000 respectively. (b) Purchased office supplies $75. Paid rent $500. Paid utilities $400. (c) Purchased stationery for sale on credit $1,500. (d) Completed a customer's order on credit, $500. (e) Received $500 for the stationery sold in Transaction d. Prepare journal entries to record the above transactions. Jay Smith began stationery retail sales business and completed these transactions during the month of November: (a) Began business with $20,000 cash. Purchased office furniture and equipment for $5,000 and $2,000 respectively. (b) Purchased office supplies $75. Paid rent $500. Paid utilities $400. (c) Purchased stationery for sale on credit $1,500. (d) Completed a customer's order on credit, $500. (e) Received $500 for the stationery sold in Transaction d. Prepare journal entries to record the above transactions.

Answer rating: 100% (QA)

a Debit Cash 20000 Debit Furniture 5000 Debit Equipment 2000 Credit Capital ... View the full answer