1 March Olga started the business with $30,000 in cash 2 March Bought goods for cash $2,900 3 March Received a bill for rent for March-July, $5,000 3 March Paid cash for rent of premises $225 5 March Purchased fixtures and fittings on credit, $2,000 9 March Some fixtures and fittings were returned damaged to supplier, $300 10 March Olga withdrew cash, $300 15 March Purchased goods on credit, $200 31 March Received cash from client in advance, $800 31 March Depreciation expense for March was recognized of $10 Required Prepare: (i) general journal for the transactions;
1 March Olga started the business with $30,000 in cash 2 March Bought goods for cash $2,900 3 March Received a bill for rent for March-July, $5,000 3 March Paid cash for rent of premises $225 5 March Purchased fixtures and fittings on credit, $2,000 9 March Some fixtures and fittings were returned damaged to supplier, $300 10 March Olga withdrew cash, $300 15 March Purchased goods on credit, $200 31 March Received cash from client in advance, $800 31 March Depreciation expense for March was recognized of $10 Required Prepare: (i) general journal for the transactions;
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1 March Olga started the business with $30,000 in cash
2 March Bought goods for cash $2,900
3 March Received a bill for rent for March-July, $5,000
3 March Paid cash for rent of premises $225
5 March Purchased fixtures and fittings on credit, $2,000
9 March Some fixtures and fittings were returned damaged to supplier, $300
10 March Olga withdrew cash, $300
15 March Purchased goods on credit, $200
31 March Received cash from client in advance, $800
31 March Depreciation expense for March was recognized of $10
Required
Prepare:
(i) general journal for the transactions;
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