Enter all the stuff in the general journal Prepare compound journal entries for each transaction.a. The owner, J. Cruz, invests $12,500 cash and $9,500 ofequipment in the company.b. The company acquires $8,000 of supplies by paying$1,700 cash and putting $6,300 on credit (accountspayable).View transaction listJournal entry worksheet12The owner, J. Cruz, invests $12,500 cash and $9,500 of equipment in thecompany.Note: Enter debits before credits.TransactionGeneral JournalDebitCreditа.Record entryClear entryView genera Prepare compound journal entries for each transaction.a. The owner, J. Cruz, invests $12,500 cash and $9,500 ofequipment in the company.b. The company acquires $8,000 of supplies by paying$1,700 cash and putting $6,300 on credit (accountspayable).View transaction listJournal entry worksheet12The company acquires $8,000 of supplies by paying $1,700 cash and putting$6,300 on credit (accounts payable).Note: Enter debits before credits.TransactionGeneral JournalDebitCreditb.Record entryClear entryView genera

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Description: Enter all the stuff in the general journal Prepare compound journal entries for each transaction.a. The owner, J. Cruz, invests $12,500 cash and $9,500 ofequipment in the company.b. The company acquires $8,000 of supplies by paying$1,700 cash and put

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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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Enter all the stuff in the general journal

Prepare compound journal entries for each transaction.
a. The owner, J. Cruz, invests $12,500 cash and $9,500 of
equipment in the company.
b. The company acquires $8,000 of supplies by paying
$1,700 cash and putting $6,300 on credit (accounts
payable).
View transaction list
Journal entry worksheet
1
2
The owner, J. Cruz, invests $12,500 cash and $9,500 of equipment in the
company.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
а.
Record entry
Clear entry
View genera

Expert Solution

Step 1

>Accounting cycle is the flow or steps carried out to complete the accounting process. These are as follows, in order:

#1: Journal entries

#2: Ledger posting

#3: Unadjusted Trial Balance

#4: Adjustment entries and posting

#5: Adjusted trial balance

#6: Income Statement

#7: Balance Sheet

#8: Closing entries

#9: Post Closing trial balance

>Transactions are recorded in journal entry and then posted to accounts accordingly.

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