The following transactions occurred during the month of October 2020. 5 October The business received $5,000...

 

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The following transactions occurred during the month of October 2020. 5 October The business received $5,000 cash from a customer for services provided and recorded last month. 7 October The business received $6,000 for services to be provided in December 2020. 12 October The owner contributed $2,300 cash and a computer costing $2,000 to the business. 17 October The owner withdrew $500 from the business bank account and paid the water bill of the owner's house. 25 October The business provided services for $6,000 and received $1,500 cash. The remaining balance is on credit. 28 October The business paid annual insurance premium of $3,600. The business purchased a machine for $5,000 and paid 10% cash deposit. The remaining balance will be paid later. 30 October Required: Prepare the general journal for the above transactions. Narrations ares required. (17 marks) The following transactions occurred during the month of October 2020. 5 October The business received $5,000 cash from a customer for services provided and recorded last month. 7 October The business received $6,000 for services to be provided in December 2020. 12 October The owner contributed $2,300 cash and a computer costing $2,000 to the business. 17 October The owner withdrew $500 from the business bank account and paid the water bill of the owner's house. 25 October The business provided services for $6,000 and received $1,500 cash. The remaining balance is on credit. 28 October The business paid annual insurance premium of $3,600. The business purchased a machine for $5,000 and paid 10% cash deposit. The remaining balance will be paid later. 30 October Required: Prepare the general journal for the above transactions. Narrations ares required. (17 marks)

Answer rating: 100% (QA)

Journal entries Date Oct 5 Oct 7 Oct 12 Oct17 Oct25 Oct28 Oct3... View the full answer