Answer to Question #171941 in Accounting for Lori Johnson

Question

Accounting

1. Journalize each of the transactions below.

Feb 1     Kerry-Ann invested the following assets into the business: cash, $80,000; office furniture, $20,000, bank balance, $5,000

Feb 1    Transferred $25,000 of the cash to the bank.

Feb 2    Paid rent for February by cheque $15,000

Feb 2    Purchased delivery van on credit from Mona Motors Ltd. for $40,000

Feb 3    Bought a refrigerator from Ashley Electronic Store, paying by cash $15,000

Feb. 3     Bought merchandise for resale by cash $35,000.

Feb 3    Sold merchandise to Candy Craze, for cash $10,000 and on credit to Just Cakey $60,000.

Answer 1

Solution: