employee
Record the following transactions using
all transactions are for 2016. business is in first year and has no existing balances for all accounts.
1.)Bee Corp sold shares to investors for $600
2.) bee Corp purchases 100 bottles of inventory for $100 and paid supplier $200 cash
3.) bee Corp took out loan for $1000 with Cant Corp
4.) bee corp purchases a factory worth $500 on account (has not paid cash yet)
5.) it sold 50 units or inventory for $2 to customers on account (customers make payment in 2017)
6.) bee Corp provides $200 loan to sally company
7.) bee Corp made a deal with random Corp to sell 10 bottles to random Corp in 2017. The bottles will not be given to random Corp until 217 and they will not pay until 2017.
8.) employee wages for bee Corp total $300 in 2016 and bee Corp has paid 350 in wages
9.) bee Corp receives cash payment from customers of $100 for 20 bottles that will be delivered 2017
10. they develop trademark for one of the bottles, they estimate that the value is 250
Ans. Journal entry is recording of transactions in a chronological order and it is recorded as debit and credit wise.
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