Prepare journal entries for the following transactions: December 1 The owner contributed cash $35,000 and equipment $65,000

Fantastic news! We've Found the answer you've been seeking!

Question:

Prepare journal entries for the following transactions:

December 1 The owner contributed cash $35,000 and equipment $65,000 to the business .
December 2 The business borrowed $45,000 from a bank to buy a motor vehicle
December 3 The business purchased stock for $25,000 on credit from Quik Supplies
December 5 The business paid wages $3,500
December 8 The business sold half of their stock purchased on December 3 for $35,000
December 10 The business paid their telephone account $600
December 12 The owner withdrew cash for personal expenses $1,800
December 15 The owner took inventory costing $500 for personal use
December 18 The owner paid the electricity account $820
December 19 The business paid wages $3,500
December 22 The business sold their remaining stock for $34,200 on credit to various debtors
December 23 The business paid Quik Supplies in full
December 23 The business purchased stock on Credit from Quik Supplies for $35,000
December 24 One debtor returned an item purchased on December 22 for $800 (cost $600)
December 24 The owner withdrew cash for personal expenses $1,600 .