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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Record the entries for each of the following showing accounts to be Debited or Credited
1 You have decided to open your own business
5-Jul 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
6-Jul
3 You find a suitable location and pay with Heritage check for 2 months rent $ 1800. You debit rent expense
10-Jul
4 You buy the following for your business paying by Heritage Bank check
inventory of goods $ 15,000.00
$ 8,000.00
12-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-lul](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb0d35e2e-ffda-4cff-85ef-6d5ddc337a4d%2F9a65628f-26e4-4e85-817b-1775a7994820%2F20bq0f_processed.png&w=3840&q=75)
Transcribed Image Text:Record the entries for each of the following showing accounts to be Debited or Credited
1 You have decided to open your own business
5-Jul 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
6-Jul
3 You find a suitable location and pay with Heritage check for 2 months rent $ 1800. You debit rent expense
10-Jul
4 You buy the following for your business paying by Heritage Bank check
inventory of goods $ 15,000.00
$ 8,000.00
12-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-lul
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