Chapter 8, Problem 5PA

Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1.

A. The owners invested $8,500 from their personal account to the business account.

B. Paid rent $650 with check #101.

C. Initiated a petty cash fund $550 check #102.

D. Received $750 cash for services rendered.

E. Purchased office supplies for $180 with check #103.

F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days.

G. Received $1,200 cash for services rendered.

H. Paid wages $560, check #105.

I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106.

J. Increased Petty Cash by $100, check #107.