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A business has the following transactions in a month. Journalise each of the transactions. What is the total income for the month? 1. The business is started by receiving cash from the owner of $20,000 2. The business purchases supply on account $500 3. The business purchases furniture on account $2,000 4. The business renders service for various clients on account totalling $9,000 5. The business pays salaries $2,000 6. The business pays this month's rent $3,000 7. The business pays for the supplies purchased on account 8. The business collects from one of its clients for services rendered earlier in the month $1,500

A business has the following transactions in a month. Journalise each of the transactions. What is the total income for the month? 1. The business is started by receiving cash from the owner of $20,000 2. The business purchases supply on account $500 3. The business purchases furniture on account $2,000 4. The business renders service for various clients on account totalling $9,000 5. The business pays salaries $2,000 6. The business pays this month's rent $3,000 7. The business pays for the supplies purchased on account 8. The business collects from one of its clients for services rendered earlier in the month $1,500

FINANCIAL ACCOUNTING
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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A business has the following transactions in a month. Journalise each of the transactions. What is the total income for the month? 1. The business is started by receiving cash from the owner of $20,000 2. The business purchases supply on account $500 3. The business purchases furniture on account $2,000 4. The business renders service for various clients on account totalling $9,000 5. The business pays salaries $2,000 6. The business pays this month's rent $3,000 7. The business pays for the supplies purchased on account 8. The business collects from one of its clients for services rendered earlier in the month $1,500
Transcribed Image Text:A business has the following transactions in a month. Journalise each of the transactions. What is the total income for the month? 1. The business is started by receiving cash from the owner of $20,000 2. The business purchases supply on account $500 3. The business purchases furniture on account $2,000 4. The business renders service for various clients on account totalling $9,000 5. The business pays salaries $2,000 6. The business pays this month's rent $3,000 7. The business pays for the supplies purchased on account 8. The business collects from one of its clients for services rendered earlier in the month $1,500
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