QUESTION NO 1. Enter the following transaction in the journal for Fraser appliance center include a brief explanation of the transaction as part of each journal entry. Oct. 1 the owner Mark Fraser invested additional $80,000 cash in the business. Oct. 5 purchased an adjacent vacant lot for use as parking space. The price was $102,000, of which $30,600 was paid in cash; a note payable was issued for the balance. Oct. 15 issued a check for $976 in full payment of an account payable to Hampton supply co Oct.18 borrowed $30,000 cash from the bank by signing a 90 day note payable. Oct. 23 collected an account receivable of $2,900 from a customer, Jocelyn scot. Oct.30 acquired office equipment from Tower Company for $6,200 .made a cash down payment of $1,500; balance to be paid within 30 days.

QUESTION NO 1. Enter the following transaction in the journal for Fraser appliance center include a brief explanation of the transaction as part of each journal entry. Oct. 1 the owner Mark Fraser invested additional $80,000 cash in the business. Oct. 5 purchased an adjacent vacant lot for use as parking space. The price was $102,000, of which $30,600 was paid in cash; a note payable was issued for the balance. Oct. 15 issued a check for $976 in full payment of an account payable to Hampton supply co Oct.18 borrowed $30,000 cash from the bank by signing a 90 day note payable. Oct. 23 collected an account receivable of $2,900 from a customer, Jocelyn scot. Oct.30 acquired office equipment from Tower Company for $6,200 .made a cash down payment of $1,500; balance to be paid within 30 days.

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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post to general ledger
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6
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