N 20% 2 3:09 PMAnum1 minute agOc. Pass the transactions to balance Accounting Equation for the month of January 2021;January 1: Star Co started a business with $70000 cash in hand and $50000 cash :January 3: Purchased furniture $15000 and building $25000 and paid cash.January 4: Purchased office supplies and raw material for $5000 and $10000 respectively onbank,account.January 5: Star co. issued additional capital of $25000 by depositing in bank account.January 11: Purchased equipment by issuing 30 days notes payable for $10000.January 12: Sold raw material of $5500 equal to the original cost on account.January 15: Received cash of $4500 in settlement of account receivables.January 20: Paid utility expenses for $5000 in cash.

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Description: N 20% 2 3:09 PMAnum1 minute agOc. Pass the transactions to balance Accounting Equation for the month of January 2021;January 1: Star Co started a business with $70000 cash in hand and $50000 cash :January 3: Purchased furniture $15000 and building $

Journal entries are passed in order to record the financial transaction of the business.

Business

Accounting

c. Pass the transactions to balance Accounting Equation for the month of January 2021; January 1: Star Co started a business with $70000 cash in hand and $50000 cash at bank. January 3: Purchased furniture $15000 and building $25000 and paid cash. January 4: Purchased office supplies and raw material for S5000 and $10000 respectively on account. January 5: Star co. issued additional capital of $25000 by depositing in bank account. January 11: Purchased equipment by issuing 30 days notes payable for $10000. January 12: Sold raw material of $5500 equal to the original cost on account. January 15: Received cash of $4500 in settlement of account receivables. January 20: Paid utility expenses for $5000 in cash.

c. Pass the transactions to balance Accounting Equation for the month of January 2021; January 1: Star Co started a business with $70000 cash in hand and $50000 cash at bank. January 3: Purchased furniture $15000 and building $25000 and paid cash. January 4: Purchased office supplies and raw material for S5000 and $10000 respectively on account. January 5: Star co. issued additional capital of $25000 by depositing in bank account. January 11: Purchased equipment by issuing 30 days notes payable for $10000. January 12: Sold raw material of $5500 equal to the original cost on account. January 15: Received cash of $4500 in settlement of account receivables. January 20: Paid utility expenses for $5000 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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