Good Year Co. started a business on 1 MAY 2020. During the month of MAY, the...

 

Transcribed Image Text:

Good Year Co. started a business on 1 MAY 2020. During the month of MAY, the following transactions has occurred. A. Journalise these transactions using the double entry system format provided: [4 Marks] 1. 1 MAY; Started the business by investing JD 20000 cash in exchange for Ordinary Shares - Capital. Date Account title Dr Cr 1-5-2020 2. 2 MAY; Purchased office equipment of the amount JD 5000 from Sally Co. on асcount. Date Account title Dr Cr 2-5-2020 3. 7 MAY; Provided a service to LONA Cosmetics for JD 8000 in cash. Date Account title Dr Cr 7-5-2020 4. 15 MAY; Paid half of Sally Co. balance (from transaction on 2 MAY) in cash. Account title Date Dr Cr 15-5-2020 Good Year Co. started a business on 1 MAY 2020. During the month of MAY, the following transactions has occurred. A. Journalise these transactions using the double entry system format provided: [4 Marks] 1. 1 MAY; Started the business by investing JD 20000 cash in exchange for Ordinary Shares - Capital. Date Account title Dr Cr 1-5-2020 2. 2 MAY; Purchased office equipment of the amount JD 5000 from Sally Co. on асcount. Date Account title Dr Cr 2-5-2020 3. 7 MAY; Provided a service to LONA Cosmetics for JD 8000 in cash. Date Account title Dr Cr 7-5-2020 4. 15 MAY; Paid half of Sally Co. balance (from transaction on 2 MAY) in cash. Account title Date Dr Cr 15-5-2020

Answer rating: 100% (QA)

Reque... View the full answer