Journalise the following transactions that relate to John Bravo Ltd. for the month of January 2020. Jan 1 The owner, John Bravo invested cash of $50,000 and land worth $100,000 to start a business as a sole proprietor. Jan 10 Inventory worth $ 800 was purchased from Seneca Co. on credit and signed a 6% Note Payable that was due after 6 months. 

Jan 12 Top Imports were billed for $8,250 for the services rendered. 

Jan 13 Paid advertising expenses of $500. They paid $200 cash and the remainder on account 

Jan 15 Dan Corporations were billed $15,000 for the services rendered that day and received cash for it. 

Jan 17 Supplies of $250 were bought from Sara Cloth on the account. 

Jan 18 Received $3,000 from Tope Imports for the transactions done on January 12. 

Jan 21 Drawings of $500 were made by the owner for personal use. 

Jan 25 Paid Salaries of $3,000 to the office administrative assistant. 

Jan 26 Hired a bookkeeper for $5,000 every month. 

Jan 27 John Bravo took a Loan from El Financial Ltd. of $75,000. 

Jan 28 $100 earned as Rental income from Folks Ltd. 

Jan 31 Paid rent for $2,000 to Snowflake Ltd in cash. 

Instructions: a. Prepare the required journal entries for each transaction.

Answer rating: 100% (QA)

date accounts debit credit 1 cash 50000 land 100000 capital 15... View the full answer