Record the entries for each of the following showing accounts to be Debited or Credited1 You have decided to open your own business5-Jul You start by opening a bank account at Heritage Bank with $ 20,000 of your own money - Your Capital2 You take your business plan to DFC and get a loan of $ 25,000 which you deposit in heritage bank6-Jul3 You find a suitable location and pay with Heritage check for 2 months rent $ 1800. You debit rent expense10-Jul4 You buy the following for your business paying by Heritage Bank checkinventory of goods $ 15,000.00$ 8,000.0012-Julmotor vehicle600.00cash registerceiling fans 4Refridgerator900.00$ 1,800.00$ 26,300.005 You take out ads on the radio and TV to advertise your new business paying cash $ 400 on advertising expense14-Jul6 Sales for the fiist month - Cash sales $ $ 11,200 and cost of goods sold from inventory is $ 8,00031-lul

The journal entries are prepared to keep the record of day to day transactions of the business.

Record the entries for each of the following showinh 1 You have decided to open your own business lul You start by opening a bank account at Heritage Bank with $ 20,000 of your own money - Your Capital 2 You take your business plan to DFC and get a loan of $ 25,000 which you deposit in heritage bank Jul 3 You find a suitable location and pay with Heritage check for 2 months rent $ 1800. You debit rent expense -Jul 4 You buy the following for your business paying by Heritage Bank check inventory of goods $ 15,000.00 $ 8,000.00 -Jul motor vehicle 600.00 cash register ceiling fans 4 Refridgerator 900.00 $ 1,800.00 $ 26,300.00 5 You take out ads on the radio and TV to advertise your new business paying cash $ 400 on advertising expense 14-Jul 6 Sales for the fiist month - Cash sales $ $11,200 and cost of goods sold from inventory is $ 8,000 31-Jul

Record the entries for each of the following showinh 1 You have decided to open your own business lul You start by opening a bank account at Heritage Bank with $ 20,000 of your own money - Your Capital 2 You take your business plan to DFC and get a loan of $ 25,000 which you deposit in heritage bank Jul 3 You find a suitable location and pay with Heritage check for 2 months rent $ 1800. You debit rent expense -Jul 4 You buy the following for your business paying by Heritage Bank check inventory of goods $ 15,000.00 $ 8,000.00 -Jul motor vehicle 600.00 cash register ceiling fans 4 Refridgerator 900.00 $ 1,800.00 $ 26,300.00 5 You take out ads on the radio and TV to advertise your new business paying cash $ 400 on advertising expense 14-Jul 6 Sales for the fiist month - Cash sales $ $11,200 and cost of goods sold from inventory is $ 8,000 31-Jul

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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