Yolanda owns a pet store called Fur & Purrs. The firm started business in August 2014...

 

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Yolanda owns a pet store called Fur & Purrs. The firm started business in August 2014 and is closing its first month's accounts. The following events were among others that transpired during the past month: Aug. 01 02 02 06 10 14 18 21 26 30 00 Deposited cash from personal account into the firm's bank account, $55,000. Signed contract for lease of shop at $2,000 per month for 3 years. Paid 2 months' deposit. (Note: rent is due to be paid at the end of every month) Bought 5 cash registers at $1,400 each. Paid a 10% deposit by check. Issued a check for an advertisement in the monthly newsletter (for the month of September 2014), $60. Paid another 30% on the cash registers by check. Applied for a loan from the bank for $30,000. Last month's electricity bill arrived. Paid rent by check. Total Revenue for the month was $6,300 (all sales are in cash); and 10% discounts were given as an introductory offer for this month only. Additional information (the following have not been paid for): k. Electricity & water expenses 1. Telephone expenses n. Total credit purchases o. Salaries for the month Journalize the transactions of Fur & Purrs. $234 $99 $3,205 $2,510 Yolanda owns a pet store called Fur & Purrs. The firm started business in August 2014 and is closing its first month's accounts. The following events were among others that transpired during the past month: Aug. 01 02 02 06 10 14 18 21 26 30 00 Deposited cash from personal account into the firm's bank account, $55,000. Signed contract for lease of shop at $2,000 per month for 3 years. Paid 2 months' deposit. (Note: rent is due to be paid at the end of every month) Bought 5 cash registers at $1,400 each. Paid a 10% deposit by check. Issued a check for an advertisement in the monthly newsletter (for the month of September 2014), $60. Paid another 30% on the cash registers by check. Applied for a loan from the bank for $30,000. Last month's electricity bill arrived. Paid rent by check. Total Revenue for the month was $6,300 (all sales are in cash); and 10% discounts were given as an introductory offer for this month only. Additional information (the following have not been paid for): k. Electricity & water expenses 1. Telephone expenses n. Total credit purchases o. Salaries for the month Journalize the transactions of Fur & Purrs. $234 $99 $3,205 $2,510

Answer rating: 100% (QA)

SOLUTION To journalize the transactions of Fur Purrs well record each transaction in the general jou... View the full answer