Are you good at journalizing business translations?

Business & Finance
Tutor: None Selected Time limit: 1 Day

  1. Using proper format, journalize the following business transactions in the general journal included below. Identify each transaction by number. Include an explanation/description for each entry.

  2. The owner, James Mason, invests $35,000 in cash, $5,000 in equipment, and an old van with a market value of $3,000 to start a new sole proprietorship.     

3. Purchased $1,500 of supplies on credit.You have to determine if it is credit or debit. Document can be provided for understanding. 

Oct 3rd, 2015

Thank you for the opportunity to help you with your question!

 Date
Details
Entry
Dr
Cr
 Cash investment in the sole proprietorship
Capital
       Cash
$35000

$35000
 Investment on equipment
Equipment
        Cash
$5000

$5000
 Purchase of an Old motor van
Motor van
        Cash
$3000

$3000
 Purchases on Credit
Purchases
        Accounts payable

$1500

$1500

I am sure you will find this worth. Thank you very much, make me your tutor.

Please let me know if you need any clarification. I'm always happy to answer your questions.
Sep 21st, 2015

  1. Purchased a new computer and peripherals for $6,000, paying $500 in cash and signed a 30-day note for the remainder.

  2. Billed clients $3,600 for work performed.

  3. Paid $6,000 in cash for 6 months rent

  4. Made a payment of $600 for the supplies purchased in (b) above.

  5. Received and paid a $300 bill for advertising in the local newspaper.

  6. Paid $1,400 cash for office salaries and wages.

  7. Mason withdrew $1,000 for personal reasons.

  8. Received a check for $1,800 from a credit customer previously billed.

Here is the rest. I will make you my tutor.

Sep 22nd, 2015

HIA 4020 ASSIGNMENT 2 DUE 2015 09 22 (1).docx  Here is the original document. I will need clarification on how you are able to get the answers.

Sep 22nd, 2015

Hallo Amodio. I am submitting the journal entries fro you in the next few minutes. Which one do I start with?


Sep 22nd, 2015

you start with 

  1. The owner, James Mason, invests $35,000 in cash, $5,000 in equipment, and an old van with a market value of $3,000 to start a new sole proprietorship.    Which you have already done with explaination.

Sep 22nd, 2015

How did you figure it out? 

Sep 22nd, 2015

I am an economist cum accountant. Thats what I learnt at school. You too will also master accounting with time.

Sep 22nd, 2015

Okay, I guess it will come with time.

Sep 22nd, 2015

Thank you. I really appreciate it. 

Sep 22nd, 2015

Is there an explanation for each entry?

Sep 22nd, 2015

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Oct 3rd, 2015
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Oct 3rd, 2015
Dec 10th, 2016
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