Image 1 is the informationDo #2 on image 2 plz **Business Transaction Summary: Fun Toys**1. **June 7:** Fun Toys made a cash payment for their rent amounting to $1,569.2. **June 12:** The company received a large shipment of toys. They accounted for this shipment by charging the total cost of $19,450.3. **June 15:** Unfortunately, a fire occurred and destroyed one of their delivery trucks. The truck was valued at $19,456. Fortunately, insurance covered the total loss amount.4. **June 20:** Fun Toys paid their store insurance in cash, totaling $5,000.This summary outlines key financial activities for Fun Toys during the month of June, tracking critical expenses, acquisitions, and incident management. **Instructions for Setting Up a General Journal**To tackle each word problem effectively, begin by setting up a general journal. Keep in mind the following important steps:1. **Debit First**: Always list the debit entries before the credit entries.2. **Credit Last**: Ensure that credit entries follow debits for clarity and accuracy.3. **Example Entry**: The initial entry has been completed for you. Use this as a guide to learn how to format your journal on notebook paper. Follow these steps to enhance your problem-solving skills in accounting and ensure accurate record-keeping.

Journal means the book of prime entry where all entries are recorded in different pages.

2. On June 7,Fun Toys paid their rent in cash. The amount of the rent was $1,569. On June 12, they received a large shipment of toys. They charged the amount of the toys which was $19,450. A fire broke out on the fifteenth and destroyed one of their delivery trucks. The value of the truck was $19,456. Insurance paid the full amount. On June 20, they paid their store insurance of $5,000 in cash.

2. On June 7,Fun Toys paid their rent in cash. The amount of the rent was $1,569. On June 12, they received a large shipment of toys. They charged the amount of the toys which was $19,450. A fire broke out on the fifteenth and destroyed one of their delivery trucks. The value of the truck was $19,456. Insurance paid the full amount. On June 20, they paid their store insurance of $5,000 in cash.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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