Record the following entries in a worksheet format 1 January - An owner J Jain opens...

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Record the following entries in a worksheet format 1 January - An owner J Jain opens a business bank account and makes the first deposit of $50,000 in the name of Jain Jumpsuits. 5 January-J Jain buys 1,000 jumpsuits for $10,000. 7 January - The business makes a sale on credit - 100 jumpsuits for $30 each. 10 January - The business makes a cash sale - 50 jumpsuits for $30 each. 15 January - The cash is received for the 7 January sale. 20 January- Weekly rent is paid - $500. 31 January - Staff wages have been incurred for the month but has not yet been paid - $2,000 Record the following entries in a worksheet format 1 January - An owner J Jain opens a business bank account and makes the first deposit of $50,000 in the name of Jain Jumpsuits. 5 January-J Jain buys 1,000 jumpsuits for $10,000. 7 January - The business makes a sale on credit - 100 jumpsuits for $30 each. 10 January - The business makes a cash sale - 50 jumpsuits for $30 each. 15 January - The cash is received for the 7 January sale. 20 January- Weekly rent is paid - $500. 31 January - Staff wages have been incurred for the month but has not yet been paid - $2,000

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Date Description Debit Credit 1 January opening bank account 50000 1 Janua... View the full answer