Analyze and record, in the form of journal entries, Mr. James' transactions:

Jan 1: Amount invested in the business $10,000 R1
Jan 7: Bought equipment for $500 C1
Jan 9: Bought office furniture with $2,000 cash C2
Jan 10: Bought materials with $2,000 cash C3
Jan 17: Sold part of equipment for $200 T17
Jan 18: Bought computer on credit from CompuStore for $1,000 M1
Jan 19: Purchased office stationary for $100 C4
Jan 25: Paid $700 cash toward computer purchased on credit C5

Question

Analyze and record, in the form of journal entries, Mr. James' transactions: 

Jan 1: Amount invested in the business $10,000 R1
Jan 7: Bought equipment for $500 C1
Jan 9: Bought office furniture with $2,000 cash C2 
Jan 10: Bought materials with $2,000 cash C3
Jan 17: Sold part of equipment for $200 T17
Jan 18: Bought computer on credit from CompuStore for $1,000 M1
Jan 19: Purchased office stationary for $100 C4
Jan 25: Paid $700 cash toward computer purchased on credit C5

anonymous · Answer

Guidelines for the assignment:

Identify the account
Classify the account
Identify (Debit or credit i.e. left side or right side) the appropriate side to record
Make an entry
Open general ledger accounts and post.

anonymous · Answer

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