Answer to Question #310334 in Accounting for Katie

Question

You have the following information for MrVuong’s store for fiscal year 20X0:

1^stSigned a 6-months rental contract for the store ($500 per month and pay full in advance) and bought $500 of supplies (cash paid). 3^rdPurchaseda vehicle at cost of $8,000 on credit.

5^th Purchasedgoods at cost of $5,000 on credit.

6^th Sold goods $11,000 and received cash (the mount of good originally costs $6,000).

8^th Borrowed $9,000 cash from bank.

16^thPaid for the vehicle by cash ($5,000).

17^th Invested more $5,000 in cash to the business.

 26^thPurchased goods at cost of $4,000 by cash.

27^stSold goods (which originally cost $3,000) @$1,500 on credit.

31^st Vehicle’s depreciation was estimated $80.

Additional information:Beginning balances of the month were:

Cash $10.000; Inventory $3.000; Trade Payable $3.000; Bank Loan Payable $4.000; Vuong’s Equity $6.000

The amount of supplies still on hand at the end of the month was valued $200

Requirement:Journalise the transactions in January

Answer 1

The answer to your question is provided in the image: