Pass the journal entries of the following transaction. January 1: Started business with cash of 5000, Furniture of 2500, and stock of 20000 January 5: Purchased goods costing 20000 January 7: Purchased goods on credit from Mr. Raye 5000

Pass the journal entries of the following transaction. January 1: Started business with cash of 5000, Furniture of 2500, and stock of 20000 January 5: Purchased goods costing 20000 January 7: Purchased goods on credit from Mr. Raye 5000

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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Question

Pass the journal entries of the following transaction.

January 1: Started business with cash of 5000, Furniture of 2500, and stock of 20000

January 5: Purchased goods costing 20000

January 7: Purchased goods on credit from Mr. Raye 5000

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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