Ali Furniture Business (AFB), starting from the owner’s investment of $100,000. Record the following transactions on general journal.Ali purchased land for Business for $35,000. Paid $20,000 cash. Balance will be paid as account payale.Purchased additional machinery for Business for $10,000 on cash.Purchased wood stock for $45,000, paid $35,000 cash and signed a note payable for balance.Obtained a lone from Supreme Bank in the amount of $50,000. Signed a note payable.Paid $15,000 Accounts payable and $30,000 of Note Payable.

Name: Ali Furniture Business (AFB), starting from the owner’s investment of
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Description: Ali Furniture Business (AFB), starting from the owner’s investment of $100,000. Record the following transactions on general journal.Ali purchased land for Business for $35,000. Paid $20,000 cash. Balance will be paid as account payale.Purchased addi

The journal entries are prepared to keep the record of day to day transactions of the business.

Answered: Ali Furniture Business (AFB), starting…

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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Ali Furniture Business (AFB), starting from the owner’s investment of $100,000. Record the following transactions on general journal.

Ali purchased land for Business for $35,000. Paid $20,000 cash. Balance will be paid as account payale.
Purchased additional machinery for Business for $10,000 on cash.
Purchased wood stock for $45,000, paid $35,000 cash and signed a note payable for balance.
Obtained a lone from Supreme Bank in the amount of $50,000. Signed a note payable.
Paid $15,000 Accounts payable and $30,000 of Note Payable.

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