SOLUTION: BC sets up practice as an architect investing $10,000 of his own money into a business bank account. The transfer is effected on 1 January, the date on which he formally commences
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Question 1201797: BC sets up practice as an architect investing $10,000 of his own money into a business bank account. The transfer is effected on 1 January, the date on which he formally commences business. The following transactions took place during the month of January.
1. Paid office rent for January $200.
2. Purchased office equipment on account from E Ltd $1,000.
3. Purchased office supplies on account from W for $150.
4. Surveyed a property for AB and sent out an invoice $50.
5. Decided to transfer his own car to the business at a value of $2,000.
6. Bought petrol for $10, paid by cheque.
Required:
Show these transactions as journal entries and provide narrative explanations for each journal entry.
Answer by ikleyn(52776) (Show Source): You can put this solution on YOUR website!
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