Set up a general journal for each word problem. Remember to put the debits first and the credits last. The first entry is done for you to show you how to set it up on notebook paper. 1. Tops For All finished a new addition to their store on April 2. The value of the addition is $45,000. They took out a bank loan to pay for the new addition. On April 4, they paid their employees the amount of $3,276 in cash. On April 8, they paid $349.34 in cash in transpor- tation cost to receive an order of merchandise. One customer came in on April 10 and purchased $890 in clothes. The customer charged the clothes. On April 15, the owner contributed in cash $5,387 to the business's capital. On April 18, $867 in merchandise that was not needed was sent back to the factory and a refund was received. On April 21, they paid $900 for a lady to make some tops for the store. They paid in cash. On April 29, they purchased some office furniture for the secretary. They charged the furniture on their account at the furniture store. The amount of the charge was $3,225. Date Explanation Debit Credit 20- April 2 Addition to store 45000- Notes payable 45000- Loan for addition to store

Set up a general journal for each word problem. Remember to put the debits first and the credits last. The first entry is done for you to show you how to set it up on notebook paper. 1. Tops For All finished a new addition to their store on April 2. The value of the addition is $45,000. They took out a bank loan to pay for the new addition. On April 4, they paid their employees the amount of $3,276 in cash. On April 8, they paid $349.34 in cash in transpor- tation cost to receive an order of merchandise. One customer came in on April 10 and purchased $890 in clothes. The customer charged the clothes. On April 15, the owner contributed in cash $5,387 to the business's capital. On April 18, $867 in merchandise that was not needed was sent back to the factory and a refund was received. On April 21, they paid $900 for a lady to make some tops for the store. They paid in cash. On April 29, they purchased some office furniture for the secretary. They charged the furniture on their account at the furniture store. The amount of the charge was $3,225. Date Explanation Debit Credit 20- April 2 Addition to store 45000- Notes payable 45000- Loan for addition to store

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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Please read the questions carefully the First question is asking for journal entry.
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