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.
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.
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a new computer and peripherals for $6,000, paying $500 in cash and
signed a 30-day note for the remainder.
clients $3,600 for work performed.
$6,000 in cash for 6 months rent
a payment of $600 for the supplies purchased in (b) above.
and paid a $300 bill for advertising in the local newspaper.
$1,400 cash for office salaries and wages.
withdrew $1,000 for personal reasons.
a check for $1,800 from a credit customer previously billed.
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.
Hallo Amodio. I am submitting the journal entries fro you in the next few minutes. Which one do I start with?
you start with
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.
How did you figure it out?
I am an economist cum accountant. Thats what I learnt at school. You too will also master accounting with time.
Okay, I guess it will come with time.
Thank you. I really appreciate it.
Is there an explanation for each entry?
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