1 January Grigory paid $5,000 into the business 2 January Bought a motor van for $600 on credit 3 January Bought goods for $1,300 on credit 4 January Received a loan from Sergei $1,000 repayable within twelve months 10 January Paid expenses on the motor van of $200 13 January Sold goods for $300 on credit 20 January Sold goods for $500 by cash 24 January Accrued storage expenses $150 27 January Repaid Sergei part of his loan $350 31 January Closing inventory was $800 Required Prepare: (i) general journal for the transactions;
1 January Grigory paid $5,000 into the business 2 January Bought a motor van for $600 on credit 3 January Bought goods for $1,300 on credit 4 January Received a loan from Sergei $1,000 repayable within twelve months 10 January Paid expenses on the motor van of $200 13 January Sold goods for $300 on credit 20 January Sold goods for $500 by cash 24 January Accrued storage expenses $150 27 January Repaid Sergei part of his loan $350 31 January Closing inventory was $800 Required Prepare: (i) general journal for the transactions;
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
1 January Grigory paid $5,000 into the business
2 January Bought a motor van for $600 on credit
3 January Bought goods for $1,300 on credit
4 January Received a loan from Sergei $1,000 repayable within twelve months
10 January Paid expenses on the motor van of $200
13 January Sold goods for $300 on credit
20 January Sold goods for $500 by cash
24 January Accrued storage expenses $150
27 January Repaid Sergei part of his loan $350
31 January Closing inventory was $800
Required
Prepare:
(i) general journal for the transactions;
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education