Question 2. Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions. The owner, MR Akram, invests RS 40,000 in cash in starting a real estate office operating as a sole proprietorship. Purchased RS 400 of supplies on credit. Purchased equipment for RS 8,000, paying RS 2,000 in cash and signed a 30-day, RS 6,000, note payable. Real estate commissions billed to clients amount to RS 4,000. Paid RS 700 in cash for the current month's rent. Paid RS 200 cash on account for supplies purchased in transaction 2. Received a bill for RS 600 for advertising for the current month. Paid RS 2,200 cash for office salaries and wages. Lu withdrew RS 1,500 from the business for living expenses. Received a check for RS 3,000 from a client in payment on account for commissions billed in transaction 4.
Question 2. Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions. The owner, MR Akram, invests RS 40,000 in cash in starting a real estate office operating as a sole proprietorship. Purchased RS 400 of supplies on credit. Purchased equipment for RS 8,000, paying RS 2,000 in cash and signed a 30-day, RS 6,000, note payable. Real estate commissions billed to clients amount to RS 4,000. Paid RS 700 in cash for the current month's rent. Paid RS 200 cash on account for supplies purchased in transaction 2. Received a bill for RS 600 for advertising for the current month. Paid RS 2,200 cash for office salaries and wages. Lu withdrew RS 1,500 from the business for living expenses. Received a check for RS 3,000 from a client in payment on account for commissions billed in transaction 4.
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 5PA: Inner Resources Company started its business on April 1, 2019. The following transactions occurred...
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Question 2. Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions.
- The owner, MR Akram, invests RS 40,000 in cash in starting a real estate office operating as a sole proprietorship.
- Purchased RS 400 of supplies on credit.
- Purchased equipment for RS 8,000, paying RS 2,000 in cash and signed a 30-day, RS 6,000, note payable.
- Real estate commissions billed to clients amount to RS 4,000.
- Paid RS 700 in cash for the current month's rent.
- Paid RS 200 cash on account for supplies purchased in transaction 2.
- Received a bill for RS 600 for advertising for the current month.
- Paid RS 2,200 cash for office salaries and wages.
- Lu withdrew RS 1,500 from the business for living expenses.
- Received a check for RS 3,000 from a client in payment on account for commissions billed in transaction 4.
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