10 AshKach TokTik established a consulting business called GrowWealth Consultants on March 1, 2023. The company completed the following transactions and events. DATE TRANSACTION/EVENT The owner invested cash of $5,000, office equipment worth $2,500, and furniture valued at $2,000 into the business Purchased office supplies for $3,200 cash 4 Purchased additional office equipment for $10,000 on credit. The amount is due in 30 days. 5 Provided consulting services to a client for $16,000 cash. 7 Provided consulting services to another client for $7,600 on credit. The client agreed to pay the full amount within 10 days. 11 Purchased more additional office supplies costing $2,800 on credit. The bill is due within 30 days. Mar 1 3 17 Paid for a 6-months insurance policy, $6,000, starting on the 17th. This insurance policy covers the next 6 months. The customer who owed $7,600 paid the entire amount in full. 17 22 29 31 Provided more consulting services to a client on credit for $10,000. The client promised to pay the amount in two installments within the next 20 days. Received cash of $8,000 from a client for consulting services to be provided in May 2017. Paid $1,800 cash for the month's utility bill. Apr 4 Paid $10,000 cash for the equipment that was purchased on March 4th 6 The owner withdrew $5,700 cash from the business. 7 The customer who received services on March 22 paid $5,000 as partial payment. EQUIRED: Prepare the required general journal entries for the above transactions.
10 AshKach TokTik established a consulting business called GrowWealth Consultants on March 1, 2023. The company completed the following transactions and events. DATE TRANSACTION/EVENT The owner invested cash of $5,000, office equipment worth $2,500, and furniture valued at $2,000 into the business Purchased office supplies for $3,200 cash 4 Purchased additional office equipment for $10,000 on credit. The amount is due in 30 days. 5 Provided consulting services to a client for $16,000 cash. 7 Provided consulting services to another client for $7,600 on credit. The client agreed to pay the full amount within 10 days. 11 Purchased more additional office supplies costing $2,800 on credit. The bill is due within 30 days. Mar 1 3 17 Paid for a 6-months insurance policy, $6,000, starting on the 17th. This insurance policy covers the next 6 months. The customer who owed $7,600 paid the entire amount in full. 17 22 29 31 Provided more consulting services to a client on credit for $10,000. The client promised to pay the amount in two installments within the next 20 days. Received cash of $8,000 from a client for consulting services to be provided in May 2017. Paid $1,800 cash for the month's utility bill. Apr 4 Paid $10,000 cash for the equipment that was purchased on March 4th 6 The owner withdrew $5,700 cash from the business. 7 The customer who received services on March 22 paid $5,000 as partial payment. EQUIRED: Prepare the required general journal entries for the above transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
4
Transcribed Image Text:10
Ashkach TokTik established a consulting business called GrowWealth Consultants on March 1, 2023. The company completed the
following transactions and events.
DATE
TRANSACTION/ EVENT
The owner invested cash of $5,000, office equipment worth $2,500, and furniture valued at $2,000 into the business
Purchased office supplies for $3,200 cash
4
Purchased additional office equipment for $10,000 on credit. The amount is due in 30 days.
5 Provided consulting services to a client for $16,000 cash.
7 Provided consulting services to another client for $7,600 on credit. The client agreed to pay the full amount within 10 days.
11 Purchased more additional office supplies costing $2,800 on credit. The bill is due within 30 days.
Mar 1
3
17 Paid for a 6-months insurance policy, $6,000, starting on the 17th. This insurance policy covers the next 6 months.
The customer who owed $7,600 paid the entire amount in full.
17
22
Provided more consulting services to a client on credit for $10,000. The client promised to pay the amount in two
installments within the next 20 days.
29
Received cash of $8,000 from a client for consulting services to be provided in May 2017.
Paid $1,800 cash for the month's utility bill.
31
Apr 4
Paid $10,000 cash for the equipment that was purchased on March 4th
6
The owner withdrew $5,700 cash from the business.
7 The customer who received services on March 22 paid $5,000 as partial payment.
EQUIRED: Prepare the required general journal entries for the above transactions.
View transaction list
Journal entry worksheet
1
2
Date
Note: Enter debits before credits.
Mar 01
34
Record entry
5
Mar 1, Invested cash of $5,000, office equipment worth $2,500, and furniture
valued at $2,000 into the business
Account Title
6
Clear entry
7
8
S****
14
Debit
Credit
View general journal
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