Question: journalize the below transactions in proper journal entry form 1. The business was started with a $10,000 capital investment from the owner and sole shareholder
1. The business was started with a $10,000 capital investment from the owner and sole shareholder on December 1,2019. Additional business funding of $10,000 was obtained from a bank loadon the same day.(70 or NeE) 2. Rent of $6,000 for the first 3 months was required which included rent of $2,000 for the month of December 2019. A check of $6,000 was paid on December 2'. 3. Equipment for $5,000 was purchased on account on December 5th. 4. Services were performed on December 10" for $10,000 and invoiced to the client on the same day. 5. Supplies of $1,000 were purchased on account on December 15, 6. Salary for the office assistant of $2,500 was paid on December 15". The office assistant earns a salary of$5,000/month. The next payroll date is January 27 2020. 7. A client paid you $2,500 on December 20 for your services to be performed in 2020. 8. An insurance policy payment of $2,400 was made on December 30" for a policy period December 1, 2019 to December 1, 2020. Journalize the above transactions in proper journal entry form (excluding explanations) (16 points)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
