May-22 1 1 1 6 22 31 31 31 31 31 uChampion (UC) Shop commenced business...

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May-22 1 1 1 6 22 31 31 31 31 31 uChampion (UC) Shop commenced business on 1 May 2022. The following transactions occurred during the first month of operations: Jenny, the owner, invested cash into the business. Paid in cash for shop furniture. Prepaid in cash for a 6 month insurance policy effective from 1 May. 22000 Paid May salary expenses in cash. Accrued operating expenses for May to be paid in June. Depreciation expense on equipment for month of May Calculate and record the expired insurance premium for May. Required: Prepare the general journal entries to record the above transactions. Narrations are required. Assume that GST does not apply. 4000 1440 Acquired shop equipment of total value on following terms. Paid in cash for above shop equipment The rest of the balance to be paid in 30 days Jenny withdrew cash from the business bank account for personal use. 400 Total amount billed to customers for services provided during the month on following terms Received cash towards revenue Credit revenue to be received in cash in next month 6000 2000 4000 16000 9600 6400 1200 1800 220 $? 20 marks May-22 1 1 1 6 22 31 31 31 31 31 uChampion (UC) Shop commenced business on 1 May 2022. The following transactions occurred during the first month of operations: Jenny, the owner, invested cash into the business. Paid in cash for shop furniture. Prepaid in cash for a 6 month insurance policy effective from 1 May. 22000 Paid May salary expenses in cash. Accrued operating expenses for May to be paid in June. Depreciation expense on equipment for month of May Calculate and record the expired insurance premium for May. Required: Prepare the general journal entries to record the above transactions. Narrations are required. Assume that GST does not apply. 4000 1440 Acquired shop equipment of total value on following terms. Paid in cash for above shop equipment The rest of the balance to be paid in 30 days Jenny withdrew cash from the business bank account for personal use. 400 Total amount billed to customers for services provided during the month on following terms Received cash towards revenue Credit revenue to be received in cash in next month 6000 2000 4000 16000 9600 6400 1200 1800 220 $? 20 marks May-22 1 1 1 6 22 31 31 31 31 31 uChampion (UC) Shop commenced business on 1 May 2022. The following transactions occurred during the first month of operations: Jenny, the owner, invested cash into the business. Paid in cash for shop furniture. Prepaid in cash for a 6 month insurance policy effective from 1 May. 22000 Paid May salary expenses in cash. Accrued operating expenses for May to be paid in June. Depreciation expense on equipment for month of May Calculate and record the expired insurance premium for May. Required: Prepare the general journal entries to record the above transactions. Narrations are required. Assume that GST does not apply. 4000 1440 Acquired shop equipment of total value on following terms. Paid in cash for above shop equipment The rest of the balance to be paid in 30 days Jenny withdrew cash from the business bank account for personal use. 400 Total amount billed to customers for services provided during the month on following terms Received cash towards revenue Credit revenue to be received in cash in next month 6000 2000 4000 16000 9600 6400 1200 1800 220 $? 20 marks

Answer rating: 100% (QA)

Here are the general journal entries to record the transactions for uChampion UC Shop for the month of May 2022 1 Jennys investment in cash Date May 1 ... View the full answer