John Armstrong started a computer consulting business called Advanced Consultants and completed the following transactions in...

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John Armstrong started a computer consulting business called Advanced Consultants and completed the following transactions in October: Armstrong borrowed a personal loan from the bank and invested $50,000 in the business with a cheque deposited in the company's bank account. 1 2 Made purchases of computer equipment for $10,000 on credit. 9 Completed a $1,200 project for a client and received cash. 20 Paid the account payable created on Oct 2. 22 Completed a $5,000 project for a client who will pay within 1 month. 30 Received payment from the client for the project done on Oct 22. 31 Armstrong withdrew $5,500 cash from the business for personal use. Required: Prepare journal entries for the above. (P.R. and narrations are not required.) John Armstrong started a computer consulting business called Advanced Consultants and completed the following transactions in October: Armstrong borrowed a personal loan from the bank and invested $50,000 in the business with a cheque deposited in the company's bank account. 1 2 Made purchases of computer equipment for $10,000 on credit. 9 Completed a $1,200 project for a client and received cash. 20 Paid the account payable created on Oct 2. 22 Completed a $5,000 project for a client who will pay within 1 month. 30 Received payment from the client for the project done on Oct 22. 31 Armstrong withdrew $5,500 cash from the business for personal use. Required: Prepare journal entries for the above. (P.R. and narrations are not required.)

Answer rating: 100% (QA)

Journal Date Account Title and Explanation Debit Credit Oct 1 Cash 50000 Ca... View the full answer